Press Release

Chemical Financial Corporation Increases Cash Dividend 4.8%

Company Release - 8/20/2013 8:00 AM ET

MIDLAND, Mich., Aug. 20, 2013 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced that the Board of Directors of the Corporation declared a third quarter 2013 cash dividend on its common stock of $0.22 per share, representing a 4.8% increase over the second quarter 2013 cash dividend of $0.21 per share. The third quarter 2013 dividend will be payable on September 20, 2013, to shareholders of record on September 6, 2013. The ex-dividend date is September 4, 2013.

"Chemical Financial Corporation's financial performance and strong balance sheet have allowed us to increase our dividend for the second consecutive year," said David B. Ramaker, Chairman of the Board, CEO & President. "While the Board of Directors remains committed to returning a portion of earnings to shareholders, the current economic and regulatory environments, as well as capital needs for growth opportunities, dictate a continued conservative approach to capital management."

Chemical Financial Corporation is the second largest banking company headquartered and operating branch offices in Michigan. The Corporation operates through a single subsidiary bank, Chemical Bank, with 156 banking offices spread over 38 counties in the lower peninsula of Michigan. At June 30, 2013, the Corporation had total assets of $5.8 billion. Chemical Financial Corporation's common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issues comprising The NASDAQ Global Select Market. More information about the Corporation is available by visiting the investor relations section of its website at

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements are subject to a number of factors that could cause actual results to differ materially. The Corporation's declaration of a dividend in any period does not commit the board of directors to declare future dividends. Each future dividend will be considered and declared by the board of directors in its discretion. The ability of the board of directors to continue to declare dividends will depend on a number of factors, including the Corporation's future financial condition and profitability. 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.

CONTACT: David B. Ramaker, CEO
         Lori A. Gwizdala, CFO
Source: Chemical Financial Corporation