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Chemical Financial Corporation Declares Third Quarter Cash Dividend

    MIDLAND, Mich., Aug. 21 /PRNewswire/ -- Alan W. Ott, Chairman of Chemical
Financial Corporation (Nasdaq: CHFC), announced that today, August 21, 2000,
the board of directors of the Company declared a quarterly cash dividend of
$0.22 per share of common stock payable on Friday, September 15, 2000, to
shareholders of record on September 1, 1999.  The ex-dividend date is
August 30, 2000.
    Chemical Financial Corporation, one of the largest bank holding companies
in Michigan, operates ten subsidiary Banks having 88 "Chemical Bank" offices
in 24 counties across the mid-section of Michigan's Lower Peninsula.  CFC Data
Corp, Midland, is the corporation's wholly owned data processing subsidiary.
    Chemical Financial Corporation common stock trades on the Nasdaq Stock
Market under the symbol "CHFC."


SOURCE Chemical Financial Corporation




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    CONTACT:
    Aloysius J. Oliver of Chemical Financial
    Corporation, 517-839-5352