Press Release

Chemical Financial Corporation Declares First Quarter Cash Dividend

Company Release - 1/21/2003 12:00 AM ET
MIDLAND, Mich., Jan. 21 /PRNewswire-FirstCall/

Aloysius J. Oliver,Chairman of Chemical Financial Corporation (Nasdaq: CHFC), announced that on January 20, 2003, the board of directors of the Company declared a quarterly cash dividend of $0.25 per share of common stock payable on Friday, March 21, 2003, to shareholders of record on March 7, 2003. The ex-dividend date is March 5, 2003.

In announcing the higher cash dividend, Oliver indicated that the new quarterly rate of $0.25 per share is in accordance with the Company's previous announcement that the cash dividend would be increased to this level with the first quarterly dividend of 2003. The 0.25 per share dividend for the first quarter of 2003 represents a 9.4% increase over the per share dividend paid in the previous quarter, adjusted for the 5% stock dividend payable on January 24, 2003.

Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company's four Subsidiary Banks operate 129 "Chemical Bank" offices and 2 loan production offices spread over 32 counties in the lower peninsula of Michigan. CFC Data Corp, Midland, is the Company's wholly owned data processing subsidiary.

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