Press Release

Chemical Financial Corporation Declares 2006 Fourth Quarter Cash Dividend

Company Release - 10/18/2006 9:00 AM ET

MIDLAND, Mich., Oct. 18 /PRNewswire-FirstCall/ -- Chemical Financial Corporation's Board of Directors is pleased to announce that on October 17, 2006, the Board declared a quarterly cash dividend of $0.275 per share of common stock payable on Friday, December, 15, 2006, to shareholders of record on December 1, 2006. The ex-dividend date is November 29, 2006.

Chemical Financial Corporation (Nasdaq: CHFC)is the fourth largest bank holding company headquartered in Michigan. The Company operates through a single subsidiary bank, Chemical Bank, with 127 banking offices spread over 32 counties in the lower peninsula of Michigan. At September 30, 2006, the Company had total assets of $3.84 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 Global Select Market.

SOURCE Chemical Financial Corporation

Contact: David B. Ramaker, Chairman, President & CEO of Chemical Financial Corporation, +1-989-839-5269