NEW YORK -- Chemical Banking Corp. said it will redeem at a premium all outstanding shares of its 10.75% cumulative preferred stock on Dec. 31. The oustanding stock has a principal value of $200 million.

The bank said the 2 million outstanding shares of preferred stock are represented by 8 million depositary shares, each representing ownership of one-quarter of a share of preferred stock.

The redemption price will be $105.375 per share of preferred stock, or $26.344 per depositary share - a 5% premium to the principal value.

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