MIDLAND, Mich., Nov. 19, 2013 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced that the Board of Directors of the Corporation declared a fourth quarter 2013 cash dividend on its common stock of $0.23 per share, representing a 4.5% increase over the third quarter 2013 cash dividend of $0.22 per share. This dividend increase coupled with the increase in the 3rd quarter of 2013 equates to a dividend of $0.87 in 2013, which is a 6.1% increase over total dividends paid to shareholders in 2012. The fourth quarter 2013 dividend will be payable on December 20, 2013, to shareholders of record on December 6, 2013. The ex-dividend date is December 4, 2013.
"Chemical Financial Corporation's continued solid financial performance, strong balance sheet and commitment to shareholder distributions is reflected in this dividend increase, our second consecutive quarterly increase," said David B. Ramaker, Chairman of the Board, CEO & President. "The decision to increase the dividend balances our desire to deliver economic value to our shareholders with our need to retain capital to take advantage of growth opportunities that may arise as the banking industry consolidates. The Board of Directors will continue to periodically review our dividend policy based on our earnings performance."
Chemical Financial Corporation is the second largest banking company headquartered and operating branch offices in Michigan. The Corporation operates through a single subsidiary bank, Chemical Bank, with 156 banking offices spread over 38 counties in the lower peninsula of Michigan. At September 30, 2013, the Corporation had total assets of $6.3 billion. Chemical Financial Corporation's common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issues comprising The NASDAQ Global Select Market. More information about the Corporation is available by visiting the investor relations section of its website at www.chemicalbankmi.com.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements are subject to a number of factors that could cause actual results to differ materially. The Corporation's declaration of a dividend in any period does not commit the board of directors to declare future dividends. Each future dividend will be considered and declared by the board of directors in its discretion. The ability of the board of directors to continue to declare dividends will depend on a number of factors, including the Corporation's future financial condition and profitability. Chemical Financial Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.