KEY STATE BANK SHAREHOLDERS APPROVE MERGER WITH CHEMICAL FINANCIAL CORP.
OWOSSO, Mich., Sept. 13 /PRNewswire/ -- The shareholders of Key State Bank have approved plans to merge the bank into Chemical Financial Corporation (NASDAQ: CHFC) of Midland, Mich. At a special shareholders meeting held here Sept. 9, 91 percent of the bank's issued and outstanding shares were voted and more than 99 percent of those shares were voted in favor of the transaction. All necessary regulatory approvals have been received and the transaction is now scheduled to close on Oct. 20, 1993. At the closing, Key State Bank shareholders will exchange their bank shares for Chemical Financial Corporation shares, with the exact exchange ratio to be determined as of the close of business, Sept. 30, 1993. The name of the bank will be changed to Chemical Bank Key State. Key State Bank, with total assets of approximately $165 million, operates eight banking offices, four in the immediate Owosso area, two in the Genesee County townships of Flint and Mount Morris, and two in the Ingham County townships of Lansing and Meridian (Okemos). Chemical Financial Corporation, with total assets of approximately $1.5 billion, is the parent company of nine affiliated Chemical Banks. These banks operate 75 offices located primarily in the mid-section of Michigan's Lower Peninsula. The corporation's common stock is traded on the NASDAQ Stock Market under the symbol CHFC. -0- 9/13/93 /CONTACT: Alan W. Ott, president of Chemical Financial Corporation, 517-839-5333; or Gerald H. LeFevre, president of Key State Bank, 517-723-6767/ (CHFC)
CO: Chemical Financial Corporation; Key State Bank ST: Michigan IN: FIN SU: TNM
JG -- DE010 -- 1192 09/13/93 10:13 EDT
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|Date:||Sep 13, 1993|
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