MIDLAND, Mich. -- Chemical Financial Corp. announced that its board of directors has declared a three-for-two stock split to shareholders of record as of Jan. 6, 1995, with an dividend date of Jan. 23. The stock split is payable as of Jan. 20.

The company said the action was prompted mainly to increase the number of shares outstanding and thus lower the unit market price.

The $1.6 billion-asset company said it will not issue fractional shares, but will have fractional share amounts sold and remit the proceeds to the shareholders.

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