Press Release

Chemical Bank and Trust Company Appoints New Directors

Company Release - 2/4/2004 10:28 AM ET

MIDLAND, Mich., Feb. 4 /PRNewswire-FirstCall/ -- David B. Ramaker, President & CEO of Chemical Financial Corporation (Nasdaq: CHFC) and Chairman of the Board of Chemical Bank and Trust Company announced the recent appointment of Stephanie A. Burns and Dirk A. Waltz to its board of directors. These appointments were approved at Chemical Bank and Trust Company's regular meeting held on January 19, 2004.

Dr. Burns is President and Chief Executive Officer of Dow Corning, a position she was elected to in January 2004. She joined Dow Corning in 1983 and has held a variety of roles in science and technology as well as global business unit leadership. Under her direction, Dow Corning has focused on innovative growth, the advancement of silicon technology and geographic expansion.

Dr. Burns holds a Ph.D. in organic chemistry, with an organosilicon specialty from Iowa State University. She has also completed post-doctoral research at the University of Organometallic Chemistry Languedoc-Rousillon in France. Dr. Burns is on the Board of Directors of Manpower, Inc. , and is a member of the Board of Directors for Midland Molecular Institute. She is also on the Board of Trustees for Midland Community Center and a member of the American Chemical Society, Chemical and Engineering News Advisory Board and supports Catalyst, a worldwide non-profit organization working to advance women in business.

Mr. Waltz is General Manager of Dirk Waltz Buick, Oldsmobile, Jeep, a family business which he joined in 1985. He is a graduate of Central Michigan University, majoring in management and marketing. He has also completed an advanced study program at Northwood University and General Motors Business Management Program. Mr. Waltz is very active in the Midland Community as a member of the Noon Rotary Club and Chamber of Commerce. He is also a leadership member of the National Automobile Dealers Association and Michigan Auto Dealers Association.

With his appointment to the board of directors, Mr. Waltz continues his family's involvement with Chemical Bank, a tradition that now spans three generations. Dirk B. Waltz served the board of directors from July 1960 until his retirement in 1983. He is currently an Honorary Director of the organization. Dirk D. Waltz joined the board of directors in September 1983, serving until his retirement in December 2003.

Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company's four Subsidiary Banks operate 133 branch 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."

SOURCE  Chemical Financial Corporation

    -0-                             02/04/2004
    /CONTACT:  David B. Ramaker of Chemical Financial Corporation
+1-989-839-5269; or John A. Reisner of Chemical Bank and Trust Company,
    /Company News On-Call:
    /Web site: /

CO:  Chemical Financial Corporation

ST:  Michigan

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