Chemical Financial Corporation Announces Second Quarter Cash Dividend

MIDLAND, Mich., April 20, 2009 (GLOBE NEWSWIRE) -- Chemical Financial
Corporation (Nasdaq:CHFC) today announced that on April 17, 2009, the Board of
Directors of the Company declared a second quarter 2009 cash dividend of $0.295
per share of common stock. The second quarter 2009 dividend will be payable on
Friday, June 19, 2009 to shareholders of record on June 5, 2009. The ex-dividend
date is June 3, 2009.

Chemical Financial Corporation is the third largest bank holding company
headquartered in Michigan. The Company operates through a single subsidiary
bank, Chemical Bank, with 129 banking offices spread over 31 counties in the
lower peninsula of Michigan. Chemical Financial Corporation common stock trades
on The Nasdaq Stock Market under the symbol CHFC and is one of the issues
comprising the Nasdaq Global Select Market.

SAFE HARBOR STATEMENT

This report 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
itself. Words such as "anticipates," "believes," "estimates," "expects,"
"forecasts," "intends," "is likely," "judgment," "plans," "predicts,"
"projects," "should," "will," variations of such words and similar expressions
are intended to identify such forward-looking statements. All of the information
concerning interest rate sensitivity in Management's Discussion and Analysis
under the subheadings "Liquidity Risk" and "Market Risk" is forward-looking.
Management's determination of the provision and allowance for loan losses
involves judgments that are inherently forward-looking. 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. 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.

Risk factors include, but are not limited to, the risk factors described in Item
1A in Chemical Financial Corporation's Annual Report on Form 10-K for the year
ended December 31, 2008, the timing and level of asset growth; changes in
banking laws and regulations; changes in tax laws; changes in prices, levies and
assessments; the impact of technological advances and issues; governmental and
regulatory policy changes; opportunities for acquisitions and the effective
completion of acquisitions and integration of acquired entities; the possibility
that anticipated cost savings and revenue enhancements from acquisitions,
restructurings, reorganizations and bank consolidations may not be realized
fully or at all or within expected time frames; the local and global effects of
the ongoing war on terrorism and other military actions, including actions in
Iraq; and current uncertainties and fluctuations in the financial markets and
stocks of financial services providers due to concerns about credit availability
and concerns about the Michigan economy in particular. 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.

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CONTACT: Chemical Financial Corporation
Lori A. Gwizdala, CFO
989 839 5358