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Chemical Financial Corporation Increases Cash Dividend 5%

MIDLAND, Mich., Aug. 21, 2012 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced that the Board of Directors of the Corporation declared a third quarter 2012 cash dividend on its common stock of $0.21 per share, representing a 5.0% increase over the second quarter 2012 cash dividend of $0.20 per share. The third quarter 2012 dividend will be payable on September 21, 2012, to shareholders of record on September 7, 2012. The ex-dividend date is September 5, 2012.

"Chemical Financial Corporation's improved financial performance and strong balance sheet have allowed us to increase our dividend," said David B. Ramaker, Chairman of the Board, CEO & President. "The current banking environment, coupled with the need to retain capital to fund growth opportunities, reinforces our decision to remain conservative in our approach to capital management – an approach that has served our shareholders well throughout the Corporation's history. At the same time, the Board of Directors is pleased that we have returned to a position to support increasing the dividend and will continue to periodically revisit this issue based on our earnings."

Chemical Financial Corporation is the second-largest bank holding company headquartered and operating branch offices in Michigan. The Corporation operates through a single subsidiary bank, Chemical Bank, with 142 banking offices spread over 32 counties in the lower peninsula of Michigan. At June 30, 2012, the Corporation had total assets of $5.4 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 www.chemicalbankmi.com .

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
         989-839-5350

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