Press Release

Chemical Financial Corporation Declares Third Quarter Cash Dividend

Company Release - 7/20/2004 9:12 AM ET

MIDLAND, Mich., July 20 /PRNewswire-FirstCall/ -- Chemical Financial Corporation's (Nasdaq: CHFC) Board of Directors announced that on July 19, 2004, it approved the declaration of a quarterly cash dividend of $0.265 per share of common stock payable on Friday, September 17, 2004, to shareholders of record on September 3, 2004. The ex-dividend date is September 1, 2004.

Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company's four Subsidiary Banks operate 133 banking 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-                             07/20/2004
    /CONTACT:  David B. Ramaker, President & CEO of Chemical Financial
Corporation, +1-989-839-5269/
    /Company News On-Call:
    /Web site: /

CO:  Chemical Financial Corporation
ST:  Michigan

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