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Press Release

Chemical Financial Corporation Declares 2007 Fourth Quarter Cash Dividend

Company Release - 10/17/2007 8:03 AM ET

MIDLAND, Mich., Oct. 17, 2007 (PRIME NEWSWIRE) -- Chemical Financial Corporation's (Nasdaq:CHFC) Board of Directors is pleased to announce that on October 16, 2007, the Board declared a quarterly cash dividend of $0.285 per share of common stock payable on Friday, December 21, 2007, to shareholders of record on November 30, 2007. The ex-dividend date is November 29, 2007. Declaration of this dividend represents a 3.6% increase in total cash dividends paid per share in 2007 over 2006. Additionally, 2007 marks the 33rd consecutive year of annual dividend increases paid to Chemical Financial Corporation shareholders.

Chemical Financial Corporation is the second largest bank holding company headquartered in Michigan. The Company operates through a single subsidiary bank, Chemical Bank, with 129 banking offices spread over 31 counties in the lower peninsula of Michigan. At June 30, 2007, the Company had total assets of $3.79 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.

CONTACT: Chemical Financial Corporation
         Lori A. Gwizdala, CFO
         989-839-5358