Press Release

Chemical Financial Corporation Elects David B. Ramaker Chairman and Names Gary E. Anderson Lead Director

Company Release - 4/17/2006 8:38 AM ET

MIDLAND, Mich., April 17 /PRNewswire-FirstCall/ -- Chemical Financial Corporation's (Nasdaq: CHFC) board of directors announced today that David B. Ramaker, president and chief executive officer of the Company has been elected to the additional role of chairman of the board, succeeding Frank A. Popoff, retired chairman, president and chief executive officer of The Dow Chemical Company, who reached the Company's mandatory retirement age. The Board also said that Gary E. Anderson, retired chairman, president and chief executive officer of Dow Corning Corporation, was named lead independent director. The new roles are effective following the Company's annual meeting today.

Mr. Ramaker joined the Company in 1989, as vice president and lending officer at the Company's bank subsidiary, Chemical Bank, after spending twelve years in various banking and executive management positions in Texas. He was named president of Chemical Bank in 1997, and at the same time was elected executive vice president of Chemical Financial Corporation. In 2002, he was named president and Chief Executive Officer of the Company. Mr. Ramaker received his bachelor of business administration degree in 1977, from Southern Methodist University, Dallas, Texas.

Mr. Anderson was appointed to the Company's board in January, 2005. He has served on the board of directors of Chemical Bank, since 2001. Prior to that he served on the community bank board of directors of Chemical Bank - Bay City from 1991 until December 2000. Mr. Anderson earned a bachelor of arts degree in chemical engineering from Michigan Technological University (MTU) in 1967, and a MBA in Finance from Central Michigan University in 1973. In May 2003, Mr. Anderson was awarded an honorary doctor of engineering degree in recognition of his accomplishments and service to MTU.

Mr. Popoff, who retires from the Company's board after today's annual meeting, has served in various Chemical Bank board capacities since 1985. He joined the Chemical Financial Corporation board in 1989 and was named chairman of the board in May 2004. Commenting on Mr. Popoff's retirement, David Ramaker said, "we have been truly fortunate to have Frank's leadership, wisdom and insight to guide us through governance reform and numerous acquisitions. Throughout his tenure, Frank has been a dedicated proponent of community banking, embracing its mission and extolling its virtue of quality personalized customer service. We appreciate everything he has done to make our Company what it is today."

Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company operates through a single subsidiary bank, Chemical Bank, with 124 banking offices spread over 32 counties in the lower peninsula of Michigan. At March 31, 2006, the Company had total assets of $3.74 billion. Chemical Financial Corporation common stock trades on The Nasdaq Stock Market under the symbol CHFC and is one of the issues comprising the Nasdaq Financial 100 index.

SOURCE  Chemical Financial Corporation
    -0-                             04/17/2006
    /CONTACT:  Lori A. Gwizdala, CFO of Chemical Financial Corp.,
    /Company News On-Call:
    /Web site: /

CO:  Chemical Financial Corporation
ST:  Michigan

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