EXHIBIT 99.1

For further information:
David B. Ramaker, CEO
Lori A. Gwizdala, CFO
989-839-5350

Chemical Financial Corporation Reports First Quarter 2009 Earnings

MIDLAND, Mich., April 20, 2009 -- Chemical Financial Corporation (Nasdaq:CHFC) today announced 2009 first quarter net income of $2.7 million, or $0.11 per diluted share, versus net income of $9.7 million, or $0.41 per diluted share, in the first quarter of 2008.

"The decline in first quarter earnings was due in large part to credit quality issues and an increased provision for loan losses. Michigan's economy continued to have an adverse effect on our loan portfolio, resulting in charge-offs of $8.5 million and an increase in our allowance for loan losses of an additional $5.5 million, bringing the total provision for loan losses in the first quarter to $14.0 million," said David B. Ramaker, Chairman, President and Chief Executive Officer.

"In addition, loan collection expenses and costs related to our nonperforming assets were $2.2 million, up $0.7 million compared to the first quarter of 2008. Also, FDIC insurance premiums were $1.2 million for the quarter, an increase of $1.1 million, compared to last year's first quarter. These increases negatively impacted our efforts to control overall operating expense growth," said Ramaker. "Notwithstanding these factors, we did report a profit for the quarter."

"We experienced solid loan and deposit growth over the past twelve months, despite the depressed economic conditions nationally and locally. We believe that our business model, embodied by our community banking strategy, coupled with our financial strength have left Chemical Financial relatively well positioned to take advantage of opportunities that may arise in the markets we serve," added Ramaker.

Net interest income was $36.6 million in the first quarter of 2009, an increase of $2.2 million, or 6.4 percent, from first quarter 2008 net interest income of $34.4 million. The increase in net interest income was attributable to both an increase in net interest margin and growth in the

balance sheet. The net interest margin (on a tax-equivalent basis) in the first quarter of 2009 was 4.06 percent, down from 4.38 percent in the fourth quarter of 2008, but up from 3.94 percent in the first quarter of 2008. The increase in net interest margin from the prior year's first quarter was primarily attributable to decreases in rates paid on interest-bearing liabilities exceeding decreases in rates earned on interest-earning assets. The decrease in net interest margin from the fourth quarter of 2008 was primarily attributable to the average yield on loans and investments decreasing more than the average cost of interest-bearing deposits.

Total assets were $3.98 billion at March 31, 2009, up from $3.87 billion at December 31, 2008 and $3.80 billion at March 31, 2008. At March 31, 2009, total loans were $2.95 billion, compared to $2.98 billion at December 31, 2008 and $2.78 billion at March 31, 2008. Investment securities were $610 million at March 31, 2009, up from $547 million at December 31, 2008 and $580 million at March 31, 2008.

Total deposits were $3.10 billion at March 31, 2009, up $126 million, or 4.2%, from $2.98 billion at December 31, 2008 and up $152 million, or 5.2%, from $2.95 billion at March 31, 2008. The Company experienced growth in core business and consumer deposits during the twelve months ended March 31, 2009. The Company maintained these new funds largely in interest-bearing balances at the Federal Reserve Bank, thereby further enhancing the Company's liquidity position. Federal Home Loan Bank advances totaled $125 million at March 31, 2009, compared to $135 million at December 31, 2008 and $130 million at March 31, 2008.

The provision for loan losses was $14.0 million in the first quarter of 2009, compared to $18.0 million in the fourth quarter of 2008 and $2.7 million in the first quarter of 2008. Net loan charge-offs were $8.5 million in the first quarter of 2009, up from $7.4 million in the fourth quarter of 2008 and up substantially from $2.5 million in the first quarter of 2008. The increase in the provision for loan losses in the first quarter of 2009, as compared to the first quarter of 2008, was primarily reflective of increased loan charge-offs coupled with continued deterioration in credit quality. The allowance for loan losses of $62.6 million at March 31, 2009 was 2.12 percent of total loans, up from 1.91 percent of total loans at December 31, 2008 and up significantly from 1.42 percent of total loans at March 31, 2008. At March 31, 2009,

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nonperforming loans as a percentage of total loans were 3.56 percent, up from 3.13 percent at December 31, 2008 and from 2.58 percent at March 31, 2008.

At March 31, 2009, nonperforming assets totaled $125.7 million, up from $113.3 million at December 31, 2008 and up from $84.6 million at March 31, 2008. The increase in nonperforming assets from the previous quarter's end was due primarily to increases in nonaccrual real estate commercial loans and real estate construction loans. At March 31, 2009, the Company's nonperforming assets included $94.7 million in nonaccrual loans, $10.3 million in accruing loans contractually past due 90 days or more as to interest or principal payments and $20.7 million of other real estate and repossessed assets.

Total noninterest income was $9.9 million in the first quarter of 2009, up slightly from $9.6 million in the first quarter of 2008. Increases in mortgage banking revenue and other charges and fees for customer services were partially offset by a decrease in service charges on deposit accounts and trust and investment services revenue.

Operating expenses of $29.2 million in the first quarter of 2009 were up $2.4 million, or 8.8 percent, from the first quarter of 2008, with the increases in credit-related operating expenses and FDIC insurance premiums primarily responsible for the increase. The Company's first quarter 2009 efficiency ratio of 62.0 percent was up from 58.7 percent in the fourth quarter of 2008 and 60.3 percent in the first quarter of 2008.

The Company's return on average assets during the first quarter of 2009 was 0.28 percent, up modestly from 0.17 percent in the fourth quarter of 2008 and down from 1.03 percent in the first quarter of 2008. At March 31, 2009, the Company's book value stood at $20.40 per share, versus $20.58 per share at December 31, 2008 and $21.60 per share at March 31, 2008. The decrease in net income resulted in a decrease in return on average equity to 2.3 percent in the first quarter of 2009 from 7.7 percent in the first quarter of 2008.

This morning, April 20, 2009, the Board announced the declaration of the second quarter 2009 cash dividend of $0.295 per share, the same as the prior quarter's dividend level.

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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 March 31, 2009, the Company had total assets of $3.98 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.

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. 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.

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, 2008; 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 and 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 First Quarter Operating Results

Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation

(In thousands, except per share data)	March 31 2009			December 31 2008			March 31 2008
Assets:
Cash and cash equivalents:
Cash and cash due from banks	$	83,976		$	168,650		$	93,063
Federal funds sold		-			-			135,000
Interest-bearing deposits with unaffiliated banks and others		142,184			4,572			34,066
Total Cash and Cash Equivalents		226,160			173,222			262,129
Investment securities:
Available-for-sale		501,594			449,947			490,950
Held-to-maturity		108,600			97,511			88,659
Total Investment Securities		610,194			547,458			579,609
Other securities		22,128			22,128			22,142
Loans held for sale		28,336			8,463			10,792
Loans:
Commercial		563,118			587,554			527,514
Real estate commercial		784,475			786,404			764,768
Real estate construction		112,102			119,001			128,878
Real estate residential		809,262			839,555			817,348
Consumer		682,632			649,163			546,486
Total Loans		2,951,589			2,981,677			2,784,994
Allowance for loan losses		(62,562	)		(57,056	)		(39,662	)
Net Loans		2,889,027			2,924,621			2,745,332
Premises and equipment		52,914			53,036			49,339
Goodwill		69,908			69,908			69,908
Other intangible assets		5,224			5,241			6,342
Interest receivable and other assets		71,860			70,236			53,705
Total Assets	$	3,975,751		$	3,874,313		$	3,799,298
Liabilities:
Deposits:
Noninterest-bearing	$	526,343		$	524,464		$	519,405
Interest-bearing		2,578,193			2,454,328			2,432,994
Total Deposits		3,104,536			2,978,792			2,952,399
Interest payable and other liabilities		37,573			35,214			24,274
Short-term borrowings		221,247			233,738			178,000
Federal Home Loan Bank advances - long-term		125,025			135,025			130,049
Total Liabilities		3,488,381			3,382,769			3,284,722
Shareholders' Equity:
Common stock, $1 par value per share		23,890			23,881			23,823
Surplus		347,264			346,916			344,935
Retained earnings		129,249			133,578			144,510
Accumulated other comprehensive income (loss)		(13,033	)		(12,831	)		1,308
Total Shareholders' Equity		487,370			491,544			514,576
Total Liabilities and Shareholders' Equity	$	3,975,751		$	3,874,313		$	3,799,298

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Chemical Financial Corporation Announces First Quarter Operating Results

Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation

	Three Months Ended March 31
(In thousands, except per share data)	2009		2008
Interest Income:
Interest and fees on loans	$	42,793	$	45,570
Interest on investment securities:
Taxable		4,502		5,839
Tax-exempt		777		695
Dividends on other securities		163		194
Interest on federal funds sold		-		1,018
Interest on deposits with unaffiliated banks and others		87		121
Total Interest Income		48,322		53,437
Interest Expense:
Interest on deposits		10,167		16,327
Interest on short-term borrowings		233		959
Interest on Federal Home Loan Bank advances - long-term		1,332		1,765
Total Interest Expense		11,732		19,051
Net Interest Income		36,590		34,386
Provision for loan losses		14,000		2,700
Net Interest Income after
Provision for Loan Losses		22,590		31,686
Noninterest Income:
Service charges on deposit accounts		4,475		4,774
Trust and investment services revenue		2,375		2,654
Other charges and fees for customer services		1,801		1,596
Mortgage banking revenue		1,150		536
Other		56		20
Total Noninterest Income		9,857		9,580
Operating Expenses:
Salaries, wages and employee benefits		15,417		14,479
Occupancy		2,707		2,770
Equipment		2,342		2,187
Other		8,739		7,408
Total Operating Expenses		29,205		26,844
Income Before Income Taxes		3,242		14,422
Federal Income Tax Expense		524		4,751
Net Income	$	2,718	$	9,671
Net income per share:
Basic	$	0.11	$	0.41
Diluted		0.11		0.41
Cash dividends per share		0.295		0.295
Average shares outstanding:
Basic		23,890		23,823
Diluted		23,900		23,827

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Chemical Financial Corporation Announces First Quarter Operating Results

Financial Summary (Unaudited)
Chemical Financial Corporation

	Three Months Ended March 31
(Dollars in thousands)	2009		2008
Average Balances
Total assets	$	3,927,103	$	3,790,841
Total interest-earning assets		3,698,726		3,561,603
Total loans		2,960,977		2,788,223
Total deposits		3,047,112		2,933,028
Total interest-bearing liabilities		2,884,681		2,737,096
Total shareholders' equity		488,095		508,231

	Three Months Ended March 31
	2009		2008
Key Ratios (annualized where applicable)
Net interest margin (taxable equivalent basis)		4.06%		3.94%
Efficiency ratio		62.0%		60.3%
Return on average assets		0.28%		1.03%
Return on average shareholders' equity		2.3%		7.7%
Average shareholders' equity as a
percent of average assets		12.4%		13.4%
Tangible shareholders' equity as a
percent of total assets		10.6%		11.8%
Total risk-based capital ratio		16.2%		17.4%

	March 31 2009		Dec 31 2008		Sept 30 2008		June 30 2008		March 31 2008
Credit Quality Statistics
Nonaccrual loans	$	94,737	$	76,466	$	69,719	$	61,635	$	61,360
Loans 90 or more days past due
and still accruing		10,240		16,862		13,012		10,288		10,570
Total nonperforming loans		104,977		93,328		82,731		71,923		71,930
Repossessed assets (RA)		20,688		19,923		15,699		15,897		12,664
Total nonperforming assets		125,665		113,251		98,430		87,820		84,594
Net loan charge-offs (year-to-date)		8,494		31,566		24,210		8,958		2,460
Allowance for loan losses as a
percent of total loans		2.12%		1.91%		1.58%		1.39%		1.42%
Allowance for loan losses as a
percent of nonperforming loans		60%		61%		56%		55%		55%
Nonperforming loans as a
percent of total loans		3.56%		3.13%		2.83%		2.52%		2.58%
Nonperforming assets as a
percent of total loans plus RA		4.23%		3.77%		3.34%		3.06%		3.02%
Nonperforming assets as a
percent of total assets		3.16%		2.92%		2.60%		2.35%		2.23%
Net loan charge-offs as a percent of
average loans (year-to-date, annualized)		1.15%		1.10%		1.14%		0.64%		0.35%

	March 31 2009		Dec 31 2008		Sept 30 2008		June 30 2008		March 31 2008
Additional Data - Intangibles
Goodwill	$	69,908	$	69,908	$	69,908	$	69,908	$	69,908
Core deposit intangibles		2,847		3,050		3,266		3,609		4,062
Mortgage servicing rights (MSR)		2,377		2,191		2,328		2,354		2,280
Amortization of core deposit intangibles    (quarter only)		203		216		343		453		531

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Chemical Financial Corporation Announces First Quarter Operating Results

Nonperforming Assets (Unaudited)
Chemical Financial Corporation

(Dollars in thousands)	March 31 2009		Dec 31 2008		Sept 30 2008		June 30 2008		March 31 2008
Nonaccrual loans:
Commercial	$	16,419	$	16,324	$	13,320	$	10,918	$	11,595
Real estate commercial		41,826		27,344		24,230		17,915		19,235
Real estate construction		18,504		15,310		14,513		15,157		17,206
Real estate residential		12,803		12,175		12,869		11,955		9,267
Consumer		5,185		5,313		4,787		5,690		4,057
Total nonaccrual loans		94,737		76,466		69,719		61,635		61,360
Accruing loans contractually past due      90 days or more as to interest or      principal payments:
Commercial		2,581		1,652		1,735		3,130		1,631
Real estate commercial		4,352		9,995		6,586		2,948		2,865
Real estate construction		538		759		1,096		676		392
Real estate residential		1,699		3,369		2,910		2,746		4,742
Consumer		1,070		1,087		685		788		940
Total accruing loans contractually      past due 90 days or more as to      interest or principal payments		10,240		16,862		13,012		10,288		10,570
Total nonperforming loans		104,977		93,328		82,731		71,923		71,930
Other real estate and repossessed assets		20,688		19,923		15,699		15,897		12,664
Total nonperforming assets	$	125,665	$	113,251	$	98,430	$	87,820	$	84,594

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Chemical Financial Corporation Announces First Quarter Operating Results

Summary of Loan Loss Experience (Unaudited)
Chemical Financial Corporation

	Three Months Ended
(Dollars in thousands)	March 31 2009			Dec 31 2008			Sept 30 2008			June 30 2008			March 31 2008
Allowance for loan losses at beginning      of period	$	57,056		$	46,412		$	39,664		$	39,662		$	39,422
Provision for loan losses		14,000			18,000			22,000			6,500			2,700
Loans charged off:
Commercial		(3,290	)		(3,254	)		(11,468	)		(1,474	)		(591	)
Real estate commercial		(2,589	)		(1,645	)		(673	)		(3,373	)		(1,304	)
Real estate construction		(1,700	)		(954	)		(923	)		(1,070	)		(16	)
Real estate residential		(235	)		(1,106	)		(749	)		(358	)		(245	)
Consumer		(1,253	)		(1,811	)		(1,776	)		(612	)		(540	)
Total loan charge-offs		(9,067	)		(8,770	)		(15,589	)		(6,887	)		(2,696	)
Recoveries of loans previously charged off:
Commercial		205			1,094			74			228			77
Real estate commercial		87			11			68			32			20
Real estate construction		-			-			-			-			29
Real estate residential		82			83			50			5			22
Consumer		199			226			145			124			88
Total loan recoveries		573			1,414			337			389			236
Net loan charge-offs		(8,494	)		(7,356	)		(15,252	)		(6,498	)		(2,460	)
Allowance for loan losses at end of period	$	62,562		$	57,056		$	46,412		$	39,664		$	39,662

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Chemical Financial Corporation Announces First Quarter Operating Results

Selected Quarterly Information (Unaudited)
Chemical Financial Corporation

(In thousands, except per share data)	1st Qtr. 2009	4th Qtr. 2008		3rd Qtr. 2008		2nd Qtr. 2008	1st Qtr. 2008
Summary of Operations
Interest income	$ 48,322	$ 51,703		$ 51,688		$ 51,508	$ 53,437
Interest expense	11,732	13,192		14,968		15,872	19,051
Net interest income	36,590	38,511		36,720		35,636	34,386
Provision for loan losses	14,000	18,000		22,000		6,500	2,700
Net interest income after provision
for loan losses	22,590	20,511		14,720		29,136	31,686
Noninterest income	9,857	9,604		10,054		11,959	9,580
Operating expenses	29,205	28,629		26,750		26,885	26,844
Income (loss) before income taxes	3,242	1,486		(1,976	)	14,210	14,422
Federal income tax expense (benefit)	524	(100	)	(951	)	4,600	4,751
Net income (loss)	$  2,718	$  1,586		$ (1,025	)	$  9,610	$  9,671
Per Common Share Data
Net income (loss):
Basic	$   0.11	$   0.06		$   (0.04	)	$   0.40	$   0.41
Diluted	0.11	0.06		(0.04	)	0.40	0.41
Cash dividends	0.295	0.295		0.295		0.295	0.295
Book value - period-end	20.40	20.58		21.19		21.58	21.60
Market value - period-end	20.81	27.88		31.14		20.40	23.84

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