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Press Release

Chemical Financial Corporation Increases Cash Dividend

Company Release - 12/9/2003 4:24 PM ET

MIDLAND, Mich., Dec. 9 /PRNewswire-FirstCall/ -- Aloysius J. Oliver, Chairman of Chemical Financial Corporation (Nasdaq: CHFC), announced that on December 8, 2003, the board of directors of the Company declared a quarterly cash dividend of $0.265 per share of common stock, representing a 6% increase over the fourth quarter 2003 dividend. The higher dividend will be payable on Friday, March 19, 2004, to shareholders of record on March 5, 2004. The ex- dividend date is March 3, 2004. In declaring this dividend, the board indicated its intent to continue this quarterly dividend rate throughout 2004 resulting in a 6% increase in cash dividends. The year of 2004 will mark the thirtieth consecutive year of annual dividend increases paid to Chemical Financial Corporation shareholders.

Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company's four Subsidiary Banks operate 133 "Chemical Bank" offices and 2 loan production offices spread over 33 counties in the lower peninsula of Michigan.

Chemical Financial Corporation common stock trades on the NASDAQ Stock Market under the symbol "CHFC."

Forward Looking Statements

This press release contains forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions 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. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interests rates and banking regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions and bank consolidations may not be fully realized at all or within the expected time frames. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. Chemical undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

SOURCE  Chemical Financial Corporation

    -0-                             12/09/2003
    /CONTACT:  David B. Ramaker, President & CEO of Chemical Financial
Corporation
, +1-989-839-5269/
    /Company News On-Call:  http://www.prnewswire.com/comp/157448.html/
    /Web site:  http://chemicalbankmi.com /
    (CHFC)

CO:  Chemical Financial Corporation

ST:  Michigan
IN:  FIN
SU:  DIV

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2698 12/09/2003 16:24 EST http://www.prnewswire.com