===========================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-C
REPORT BY ISSUER OF SECURITIES QUOTED ON NASDAQ
INTERDEALER QUOTATION SYSTEM
FILED PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934 AND RULE 13A-17
OR 15D-17 THEREUNDER
CHEMICAL FINANCIAL CORPORATION
(Exact name of issuer as specified in charter)
333 EAST MAIN STREET
MIDLAND, MICHIGAN 48640
(Address of principal executive offices)
(517) 839-5350
(Issuer's telephone number, including area code)
I. CHANGE IN NUMBER OF SHARES OUTSTANDING
Indicate any change (increase or decrease) of five percent or more in the
number of shares outstanding:
1. Title of security: Common Stock, $10 par value
2. Number of shares outstanding before the change: 9,219,120
3. Number of shares outstanding after the change: 9,719,120
4. Effective date of change: May 1, 1996
5. Method of change: Merger of State Savings Bancorp, Inc. with
Chemical Financial Corporation
Give brief description of transaction: On May 1, 1996, Chemical Financial
Corporation acquired by merger State Savings Bancorp, Inc. In the merger,
Chemical Financial Corporation issued 500,000 shares of Common Stock, $10
par value to shareholders of State Savings Bancorp, Inc.
II. CHANGE IN NAME OF ISSUER
1. Name prior to change: Not applicable
2. Name after change: Not applicable
3. Effective date of charter amendment changing name: Not applicable
4. Date of shareholder approval of change, if required: Not applicable
Date: May 3, 1996 /S/ LORI A. GWIZDALA
Lori A. Gwizdala
Senior Vice President and Chief
Financial Officer
===========================================================================
