MIDLAND, Mich. - Chemical Financial Corp. has declared a 6-for-5 stock split on Jan. 15 for shareholders of record on Dec. 31.

Concurrently, the board of the nine-bank, $1.4 billion-asset company said it planned to set the per-share dividend at 20 cents, which would amount to a 9.1% increase in the cash payout for 1993.

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