8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2008

Chemical Financial Corporation
(Exact Name of Registrant as
Specified in its Charter)

Michigan
(State or Other Jurisdiction
of Incorporation) 000-08185
(Commission
File Number) 38-2022454
(IRS Employer
Identification No.)

333 E. Main Street
Midland, Michigan
(Address of Principal Executive Offices)
48640
(Zip Code)

Registrant's telephone number, including area code:  (989) 839-5350

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

                    On October 27, 2008, Chemical Financial Corporation issued the press release attached as Exhibit 99.1 to this Form 8-K, which is here incorporated by reference. This Report and the Exhibit are furnished to, and not filed with, the Commission.

Item 9.01	Financial Statements and Exhibits.
	(d)	Exhibits:
		99.1	Press Release dated October 27, 2008. This Exhibit is furnished to, and not filed with, the Commission.

2

SIGNATURES

                    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	October 27, 2008	CHEMICAL FINANCIAL CORPORATION (Registrant)
		/s/ Lori A. Gwizdala
		Lori A. Gwizdala      Executive Vice President, Chief Financial      Officer and Treasurer

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EXHIBIT INDEX

Exhibit Number	Document
99.1	Chemical Financial Corporation Press Release dated October 27, 2008. This Exhibit is furnished to, and not filed with, the Commission.

4

EX-99.1

EXHIBIT 99.1

Chemical Financial Corporation Reports Third Quarter 2008 Results

MIDLAND, Mich., October 27, 2008 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC) today announced a third quarter 2008 net loss of $1.0 million, or $0.04 per diluted share, versus net income of $10.6 million, or $0.44 per diluted share, in the third quarter of 2007.

Net income was $18.3 million, or $0.77 per diluted share, for the nine months ended September 30, 2008, compared to net income of $29.2 million, or $1.19 per diluted share, for the nine months ended September 30, 2007.

"Although third quarter net interest income was up significantly due primarily to our net interest margin increasing 52 basis points from the prior year's quarter, the increase was insufficient to overcome the previously disclosed $22 million loan loss provision we incurred during the quarter. The significantly higher provision resulted from the combination of deteriorating credit quality and a $10.1 million loss attributable to a single borrower engaged in a fraudulent loan transaction. The fraud loss, by itself, had a negative impact of $0.29 per share, after-tax, on our reported earnings," said David B. Ramaker, Chairman, Chief Executive Officer and President of Chemical Financial Corporation.

"The rapid deterioration in the national economy over the past quarter has had a significant impact on Michigan's struggling economy, which has translated into increases in loan losses, loan delinquencies and nonperforming assets. As a result, we increased our loan loss reserves. We felt that this action was necessary in the current environment, but are not satisfied with our reported earnings this quarter," noted Ramaker.

"At the same time, our strong balance sheet, healthy capital position and sufficient liquidity have left Chemical Financial well positioned even in this difficult economic environment. Earlier this month, the Board declared a quarterly dividend of $0.295 per share for the fourth quarter of 2008, a reflection of the Company's belief that our earnings potential is high and our capital position strong. In fact, at quarter's end, our Leverage and Tier One Risk-Based capital ratios remained more than double the regulatory benchmarks for well-capitalized institutions. Despite the struggles faced by the national and Michigan economies, we are poised to not only weather

the current economic crisis, but to capitalize on opportunities which present themselves," added Ramaker.

Net interest income was $36.72 million in the third quarter of 2008, an increase of $4.25 million, or 13.1 percent, from third quarter 2007 net interest income of $32.47 million and an increase of $1.08 million, or 3.0 percent, from second quarter 2008 net interest income of $35.64 million. The increases in net interest income were attributable primarily to the increases in net interest margin. The net interest margin (on a tax-equivalent basis) in the third quarter of 2008 was 4.20 percent, up substantially from 3.68 percent in the third quarter of 2007 and up from 4.11 percent in the second quarter of 2008. The increases in net interest margin were primarily attributable to decreases in rates paid on interest-bearing liabilities exceeding decreases in rates earned on interest-earning assets, as deposits repriced more rapidly than loans in the falling interest rate environment experienced in the past 12 months.

Total assets were $3.79 billion at September 30, 2008, up slightly from $3.75 billion at December 31, 2007 and down from $3.82 billion at September 30, 2007. At September 30, 2008, total loans were $2.93 billion, versus $2.80 billion at December 31, 2007 and $2.81 billion at September 30, 2007. Federal funds sold were $2 million at September 30, 2008, down from $58 million at December 31, 2007 and $88 million at September 30, 2007. Investment securities were $566 million at September 30, 2008, down from $595 million at December 31, 2007 and down from $632 million at September 30, 2007. During the first nine months of 2008, the Company utilized excess liquidity to fund approximately $129 million in loan growth and reduce wholesale borrowings.

Total deposits were $2.94 billion at September 30, 2008, up slightly from $2.88 billion at December 31, 2007, although down from $2.97 billion at September 30, 2007. Long-term wholesale borrowings, comprised of Federal Home Loan Bank advances, totaled $90 million at September 30, 2008, down $60 million, or 40 percent, from $150 million at December 31, 2007 and down $35 million, or 28 percent, from $125 million at September 30, 2007.

The provision for loan losses was $22.0 million in the third quarter of 2008, compared to $6.5 million in the second quarter of 2008 and $2.9 million in the third quarter of 2007. Included in the provision for the third quarter of 2008 was $10.1 million attributable to the previously

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disclosed fraudulent loan transaction. Absent this event, the provision for the third quarter of 2008 would have been $11.9 million. Net loan charge-offs were $15.3 million in the third quarter of 2008, up substantially from $6.5 million in the second quarter of 2008 and $0.8 million in the third quarter of 2007. The increase in charge-offs in the third quarter of 2008, as compared to the second quarter of 2008, was due primarily to the fraudulent loan transaction. Absent this transaction, net charge-offs in the third quarter of 2008 would have been $5.2 million.

At September 30, 2008, nonperforming assets totaled $98.4 million, up from $87.8 million at June 30, 2008 and up from $62.8 million at September 30, 2007. Nonperforming loans were $82.7 million at September 30, 2008, compared to $71.9 million at June 30, 2008 and $53.6 million at September 30, 2007. At September 30, 2008, nonperforming loans as a percentage of total loans were 2.83 percent, up from 2.52 percent at June 30, 2008 and up from 1.90 percent at September 30, 2007.

The allowance for loan losses of $46.4 million at September 30, 2008 was up 16.9 percent from $39.7 million at June 30, 2008. The allowance at September 30, 2008 was 1.58 percent of total loans, up from 1.39 percent of total loans at June 30, 2008 and up from 1.36 percent of total loans at September 30, 2007. The allowance for loan losses as a percent of nonperforming loans was 56 percent at September 30, 2008, up from 55 percent at June 30, 2008, but down from 72 percent at September 30, 2007. As part of Chemical Financial Corporation's ongoing credit portfolio monitoring program, the Company makes periodic assessments of the quality of each nonperforming credit, the financial condition of the borrower and the value of any underlying collateral to identify potential loss exposure on nonperforming loans. The Company's nonperforming loans at September 30, 2008 included commercial, real estate commercial and residential development construction loans totaling $27.3 million, which have been analyzed and deem ed to have sufficient collateral values so as not to require a specific impairment reserve on these loans at September 30, 2008.

Total noninterest income was $10.1 million in the third quarter of 2008, down $1.0 million, or 9.0 percent, from $11.1 million in the third quarter of 2007. The decrease from the prior year's quarter was attributable to the recognition of a $0.4 million other-than-temporary impairment loss on the value of a single issue debt security in the Company's available-for-sale securities

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portfolio and noninterest income in the third quarter of 2007 including $1.0 million of nonrecurring income from the recognition of insurance proceeds from fire damage to a branch building.

Operating expenses in the third quarter of 2008 were $26.8 million, up $1.6 million, or 6.3 percent, from $25.2 million in the third quarter of 2007. The increase was attributable to higher operating costs incurred across the Company's expense base, particularly in the areas of compensation expense, loan collection costs, other real estate write-downs and operating costs and marketing expenses related to our "Save Michigan" advertising campaign. The Company's efficiency ratio was 56.5 percent in the third quarter of 2008, up from 55.8 percent in the second quarter of 2008 and down from 57.1 percent in the third quarter of 2007. The decrease in the efficiency ratio from the prior year's quarter was primarily attributable to the increase in net interest income.

The Company's effective federal income tax rate was 48.1% in the third quarter of 2008, compared to 31.4% in the third quarter of 2007. For the nine months ended September 30, 2008 and 2007, the Company's effective federal income tax rates were 31.5% and 32.1%, respectively. The differences between the federal statutory income tax rates and the Company's effective federal income tax rates are primarily a function of the proportion of the Company's interest income exempt from federal taxation, nondeductible interest expense and other nondeductible expenses relative to pretax income and tax credits.

The Company's return on average assets during the third quarter of 2008 was (0.11) percent, down from 1.03 percent in the second quarter of 2008 and 1.10 percent in the third quarter of 2007. At September 30, 2008, the Company's book value stood at $21.19 per share versus $21.04 per share at September 30, 2007.

Chemical Financial Corporation is the third-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 September 30, 2008, 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.

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Safe Harbor Statement

This report contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Chemical Financial Corporation itself. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "judgment," "plans," "predicts," "projects," "should," "will," variations of such words and similar expressions are intended to identify such forward-looking statements. Management's determination of the provision and allowance for loan losses involves judgments that are inherently forward-looking. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Chemic al Financial Corporation undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

Risk factors include, but are not limited to, the risk factors described in Item 1A in Chemical Financial Corporation's Annual Report on Form 10-K for the year ended December 31, 2007, the timing and level of asset growth; changes in banking laws and regulations; changes in tax laws; changes in prices, levies and assessments; the impact of technological advances and issues; governmental and regulatory policy changes; opportunities for acquisitions and the effective completion of acquisitions and integration of acquired entities; the possibility that anticipated cost savings and revenue enhancements from acquisitions, restructurings, reorganizations and bank consolidations may not be realized fully or at all or within expected time frames; the local and global effects of the ongoing war on terrorism and other military actions, including actions in Iraq; and current uncertainties and fluctuations in the financial markets and stocks of financial services providers due to concerns about credit availability an d concerns about the Michigan economy in particular. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.

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Chemical Financial Corporation Announces Third Quarter Operating Results

Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation

(In thousands, except per share data)	September 30 2008			December 31 2007			September 30 2007
Assets:
Cash and cash equivalents:
Cash and cash due from banks	$	107,311		$	125,285		$	99,465
Federal funds sold		2,000			58,000			88,300
Interest-bearing deposits with unaffiliated banks		4,579			6,228			15,226
Total Cash and Cash Equivalents		113,890			189,513			202,991
Investment securities:
Available for sale		455,158			503,271			533,611
Held to maturity		111,261			91,243			98,342
Total Investment Securities		566,419			594,514			631,953
Other securities		22,142			22,135			22,135
Loans held for sale		10,861			7,883			7,708
Loans:
Commercial		574,006			515,319			534,503
Real estate commercial		776,617			760,399			736,443
Real estate construction		133,615			134,828			138,199
Real estate residential		831,700			838,545			840,694
Consumer		612,433			550,343			565,140
Total Loans		2,928,371			2,799,434			2,814,979
Allowance for loan losses		(46,412	)		(39,422	)		(38,386	)
Net Loans		2,881,959			2,760,012			2,776,593
Premises and equipment		51,471			49,930			48,293
Goodwill		69,908			69,908			69,908
Other intangible assets		5,594			6,876			7,324
Interest receivable and other assets		65,842			53,542			55,857
Total Assets	$	3,788,086		$	3,754,313		$	3,822,762
Liabilities:
Deposits:
Noninterest-bearing	$	531,355		$	535,705		$	524,522
Interest-bearing		2,412,521			2,339,884			2,442,692
Total Deposits		2,943,876			2,875,589			2,967,214
Interest payable and other liabilities		23,606			22,848			23,285
Short-term borrowings		224,684			197,363			203,322
Federal Home Loan Bank advances - long-term		90,025			150,049			125,049
Total Liabilities		3,282,191			3,245,849			3,318,870
Shareholders' Equity:
Common stock, $1 par value per share		23,877			23,815			23,952
Surplus		346,652			344,579			347,569
Retained earnings		139,037			141,867			138,817
Accumulated other comprehensive loss		(3,671	)		(1,797	)		(6,446	)
Total Shareholders' Equity		505,895			508,464			503,892
Total Liabilities and Shareholders' Equity	$	3,788,086		$	3,754,313		$	3,822,762

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Chemical Financial Corporation Announces Third Quarter Operating Results

Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation

	Three Months Ended September 30					Nine Months Ended September 30
(In thousands, except per share data)	2008			2007		2008		2007
Interest Income:
Interest and fees on loans	$	45,211		$	48,346	$	135,272	$	143,850
Interest on investment securities:
Taxable		5,333			6,299		16,645		18,667
Tax-exempt		738			688		2,120		2,018
Dividends on other securities		211			182		795		755
Interest on federal funds sold		180			1,433		1,610		4,495
Interest on deposits with unaffiliated banks		15			209		191		383
Total Interest Income		51,688			57,157		156,633		170,168
Interest Expense:
Interest on deposits		12,986			21,037		43,047		62,290
Interest on short-term borrowings		482			1,957		1,942		5,731
Interest on Federal Home Loan Bank advances - long-term		1,500			1,690		4,902		5,480
Total Interest Expense		14,968			24,684		49,891		73,501
Net Interest Income		36,720			32,473		106,742		96,667
Provision for loan losses		22,000			2,900		31,200		7,025
Net Interest Income after
Provision for Loan Losses		14,720			29,573		75,542		89,642
Noninterest Income:
Service charges on deposit accounts		5,316			5,039		15,097		15,243
Trust and investment services revenue		1,925			2,034		6,042		6,221
Other charges and fees for customer services		2,618			2,393		7,302		7,211
Mortgage banking revenue		348			577		1,408		1,647
Investment securities (losses) gains		(438	)		-		1,278		4
Other		285			1,014		466		2,130
Total Noninterest Income		10,054			11,057		31,593		32,456
Operating Expenses:
Salaries, wages and employee benefits		15,075			14,463		44,364		44,975
Occupancy		2,472			2,361		7,602		7,721
Equipment		2,346			2,065		6,666		6,421
Other		6,857			6,281		21,847		20,032
Total Operating Expenses		26,750			25,170		80,479		79,149
Income (Loss) Before Income Taxes		(1,976	)		15,460		26,656		42,949
Federal Income Tax Expense (Benefit)		(951	)		4,850		8,400		13,786
Net Income (Loss)	$	(1,025	)	$	10,610	$	18,256	$	29,163
Net income (loss) per share:
Basic	$	(0.04	)	$	0.44	$	0.77	$	1.19
Diluted		(0.04	)		0.44		0.77		1.19
Cash dividends per share		0.295			0.285		0.885		0.855
Average shares outstanding:
Basic		23,836			24,091		23,827		24,520
Diluted		23,858			24,098		23,839		24,532

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Chemical Financial Corporation Announces Third Quarter Operating Results

Financial Summary (Unaudited)
Chemical Financial Corporation

	Three Months Ended September 30				Nine Months Ended September 30
(Dollars in thousands)	2008		2007		2008		2007
Average Balances
Total assets	$	3,782,391	$	3,812,654	$	3,777,057	$	3,799,670
Total interest-earning assets		3,542,031		3,576,667		3,544,785		3,565,767
Total loans		2,898,784		2,813,746		2,841,873		2,803,141
Total deposits		2,923,912		2,957,407		2,922,438		2,936,466
Total interest-bearing liabilities		2,689,248		2,740,812		2,702,251		2,732,713
Total shareholders' equity		512,504		499,353		510,893		507,146

	Three Months Ended September 30				Nine Months Ended September 30
	2008		2007		2008		2007
Key Ratios (annualized where applicable)
Net interest margin (taxable equivalent basis)		4.20%		3.68%		4.08%		3.68%
Efficiency ratio		56.5%		57.1%		57.5%		60.5%
Return on average assets		(0.11)%		1.10%		0.65%		1.03%
Return on average shareholders' equity		(0.8)%		8.4%		4.8%		7.7%
Average shareholders' equity as a
percent of average assets		13.5%		13.1%		13.5%		13.3%
Tangible shareholders' equity as a
percent of total assets						11.6%		11.4%
Total risk-based capital ratio						16.7%		17.1%

	Sept 30 2008		June 30 2008		March 31 2008		Dec 31 2007		Sept 30 2007
Credit Quality Statistics
Nonaccrual loans	$	69,719	$	61,635	$	61,360	$	55,596	$	40,341
Loans 90 or more days past due
and still accruing		13,012		10,288		10,570		7,764		13,282
Total nonperforming loans		82,731		71,923		71,930		63,360		53,623
Repossessed assets (RA)		15,699		15,897		12,664		11,132		9,164
Total nonperforming assets		98,430		87,820		84,594		74,492		62,787
Net loan charge-offs (year-to-date)		24,210		8,958		2,460		6,176		2,737
Allowance for loan losses as a
percent of total loans		1.58%		1.39%		1.42%		1.41%		1.36%
Allowance for loan losses as a
percent of nonperforming loans		56%		55%		55%		62%		72%
Nonperforming loans as a
percent of total loans		2.83%		2.52%		2.58%		2.26%		1.90%
Nonperforming assets as a
percent of total loans plus RA		3.34%		3.06%		3.02%		2.65%		2.22%
Nonperforming assets as a
percent of total assets		2.60%		2.35%		2.23%		1.98%		1.64%
Net loan charge-offs as a percent of
average loans (year-to-date, annualized)		1.14%		0.64%		0.35%		0.22%		0.13%

	Sept 30 2008		June 30 2008		March 31 2008		Dec 31 2007		Sept 30 2007
Additional Data - Intangibles
Goodwill	$	69,908	$	69,908	$	69,908	$	69,908	$	69,908
Core deposit intangibles		3,266		3,609		4,062		4,593		5,024
Mortgage servicing rights (MSR)		2,328		2,354		2,280		2,283		2,300
Amortization of core deposit intangibles      (quarter only)		343		453		531		431		431

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Chemical Financial Corporation Announces Third Quarter Operating Results

Nonperforming Assets (Unaudited)
Chemical Financial Corporation

(Dollars in thousands)	Sept 30 2008		June 30 2008		March 31 2008		Dec 31 2007		Sept 30 2007
Nonaccrual loans:
Commercial	$	13,320	$	10,918	$	11,595	$	10,961	$	6,735
Real estate commercial		24,230		17,915		19,235		19,672		19,664
Real estate construction		14,513		15,157		17,206		12,979		4,573
Real estate residential		12,869		11,955		9,267		8,516		7,244
Consumer		4,787		5,690		4,057		3,468		2,125
Total nonaccrual loans		69,719		61,635		61,360		55,596		40,341
Accruing loans contractually past due      90 days or more as to interest or      principal payments:
Commercial		1,735		3,130		1,631		1,958		1,867
Real estate commercial		6,586		2,948		2,865		4,170		5,367
Real estate construction		1,096		676		392		-		1,076
Real estate residential		2,910		2,746		4,742		1,470		3,918
Consumer		685		788		940		166		1,054
Total accruing loans contractually past           due 90 days or more as to interest           or principal payments		13,012		10,288		10,570		7,764		13,282
Total nonperforming loans		82,731		71,923		71,930		63,360		53,623
Other real estate and repossessed assets		15,699		15,897		12,664		11,132		9,164
Total nonperforming assets	$	98,430	$	87,820	$	84,594	$	74,492	$	62,787

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Chemical Financial Corporation Announces Third Quarter Operating Results

Summary of Loan Loss Experience (Unaudited)
Chemical Financial Corporation

	Three Months Ended
(Dollars in thousands)	Sept 30 2008			June 30 2008			March 31 2008			Dec 31 2007			Sept 30 2007
Allowance for loan losses at beginning      of period	$	39,664		$	39,662		$	39,422		$	38,386		$	36,254
Provision for loan losses		22,000			6,500			2,700			4,475			2,900
Loans charged off:
Commercial		(11,468	)		(1,474	)		(591	)		(550	)		(208	)
Real estate commercial		(673	)		(3,373	)		(1,304	)		(1,415	)		-
Real estate construction		(923	)		(1,070	)		(16	)		(850	)		(134	)
Real estate residential		(749	)		(358	)		(245	)		(306	)		(64	)
Consumer		(1,776	)		(612	)		(540	)		(596	)		(501	)
Total loan charge-offs		(15,589	)		(6,887	)		(2,696	)		(3,717	)		(907	)
Recoveries of loans previously      charged off:
Commercial		74			228			77			90			18
Real estate commercial		68			32			20			1			19
Real estate construction		-			-			29			30			-
Real estate residential		50			5			22			12			4
Consumer		145			124			88			145			98
Total loan recoveries		337			389			236			278			139
Net loan charge-offs		(15,252	)		(6,498	)		(2,460	)		(3,439	)		(768	)
Allowance for loan losses at end of      period	$	46,412		$	39,664		$	39,662		$	39,422		$	38,386

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Chemical Financial Corporation Announces Third Quarter Operating Results

Selected Quarterly Information (Unaudited)
Chemical Financial Corporation

(In thousands, except per share data)	3rd Qtr. 2008		2nd Qtr. 2008	1st Qtr. 2008	4th Qtr. 2007	3rd Qtr. 2007
Summary of Operations
Interest income	$51,688		$51,508	$53,437	$55,726	$57,157
Interest expense	14,968		15,872	19,051	22,304	24,684
Net interest income	36,720		35,636	34,386	33,422	32,473
Provision for loan losses	22,000		6,500	2,700	4,475	2,900
Net interest income after provision
for loan losses	14,720		29,136	31,686	28,947	29,573
Noninterest income	10,054		11,959	9,580	10,832	11,057
Operating expenses	26,750		26,885	26,844	25,522	25,170
Income (Loss) Before Income Taxes	(1,976	)	14,210	14,422	14,257	15,460
Federal Income Tax Expense (Benefit)	(951	)	4,600	4,751	4,411	4,850
Net Income (Loss)	$(1,025	)	$9,610	$9,671	$9,846	$10,610
Per Common Share Data
Net income (loss):
Basic	$  (0.04	)	$   0.40	$   0.41	$   0.41	$   0.44
Diluted	(0.04	)	0.40	0.41	0.41	0.44
Cash dividends	0.295		0.295	0.295	0.285	0.285
Book value - period-end	21.19		21.58	21.60	21.35	21.04
Market value - period-end	31.14		20.40	23.84	23.79	24.25

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