Chemical Financial Corporation Increases Cash Dividend
David T. Provost, CEO
Dennis Klaeser, CFO
Company Release - 07/22/2015 08:00
MIDLAND, Mich., July 22, 2015 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced that the Board of Directors of the Corporation declared a third quarter 2015 cash dividend on its common stock of $0.26 per share, representing an 8.3% increase over the second quarter 2015 cash dividend of $0.24 per share. The third quarter 2015 dividend will be payable on September 18, 2015, to shareholders of record on September 4, 2015. The ex-dividend date is September 2, 2015.
“Chemical Financial Corporation’s continued improved financial performance and balance sheet growth, facilitated by the closing of three acquisitions over the past nine months, have allowed us to again increase our dividend,” said David B. Ramaker, Chairman, Chief Executive Officer and President of Chemical Financial Corporation. “While we continue to remain conservative in our approach to capital management – an approach that has served our shareholders well throughout the Corporation’s history -- the Board of Directors is pleased to support increasing the dividend. We will continue to periodically revisit this issue based on our earnings.”
Chemical Financial Corporation is the second largest banking company headquartered and operating branch offices in Michigan. The Corporation operates through its subsidiary banks, Chemical Bank, The Bank of Holland and The Bank of Northern Michigan, with 187 banking offices spread over 47 counties in the lower peninsula of Michigan. At June 30, 2015, the Corporation had total assets of $9.0 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.
This press release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and Chemical Financial Corporation (Corporation). Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The declaration and payment of each future dividend to common shareholders will be considered by the Board of Directors in its discretion and will depend on a number of factors, including the Corporation's financial condition, liquidity, profits and anticipated profitability. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. The Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Risk factors include, but are not limited to, the risk factors described in Item 1A of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2014. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.