EXHIBIT 99.1

PRESS RELEASE
NASDAQ:	CHFC
FOR RELEASE:	IMMEDIATE
DATE:	APRIL 18, 2005
CONTACT:	DAVID B. RAMAKER (989) 839-5269	LORI A. GWIZDALA (989) 839-5358

CHEMICAL FINANCIAL CORPORATION ANNOUNCES 2005
FIRST QUARTER OPERATING RESULTS

          Midland, MI-The Board of Directors of Chemical Financial Corporation today announced 2005 first quarter net income of $13.50 million or $0.53 per diluted share, as compared to net income of $14.12 million or $0.56 per diluted share in the first quarter of 2004.

          First Quarter Operating Results

          Net income and earnings per share in the first quarter of 2005 decreased 4.4% and 5.4%, respectively, from the first quarter of 2004. The decreases in net income and earnings per share were attributable to lower net interest income and a slightly higher effective federal income tax rate. These two items were partially offset by slightly higher noninterest income and a slight decrease in operating expenses.

          Net interest income of $35.95 million in the first quarter of 2005 was down $0.88 million, or 2.4% from the first quarter of 2004. The decrease in net interest income was attributable to both a decrease in average interest-earning assets and a reduction in the net interest margin.

          Average interest-earnings assets were $3.59 billion in the first quarter of 2005, down $48 million, or 1.3% from the first quarter of 2004, although approximately the same as in the fourth quarter of 2004. The decrease in average interest-earning assets between the first quarter of 2005 and the first quarter of 2004 was primarily the result of a decline in deposits. Average loans were $2.58 billion in the first quarter of 2005, up $58.3 million, or 2.3% from average loans in the first quarter of 2004, although down $22.8 million, or 0.9% from average loans in the fourth quarter of 2004.

          The net interest margin was 4.11% in the first quarter of 2005, compared to 4.12% in the first quarter of 2004 and 4.18% in the fourth quarter of 2004. The decrease in net interest margin in the first quarter of 2005, compared to the first quarter of 2004, was attributable to the Corporation's increase in its average cost of interest-bearing liabilities exceeding the increase in its average yield on interest-earning assets. The average cost of interest-bearing liabilities was 1.77% in the first quarter of 2005, an increase of 32 basis points over the first quarter of 2004. The increase in the average cost of interest-bearing liabilities was primarily a result of the increase in the average cost of deposits, which has been driven by the overall rise in short-term market interest rates and increased competition for deposits. The Corporation's average yield on interest-earning assets was 5.47% in the first quarter of 2005, an increase of 20 basis points over the first quarter of 2004. The increase in the average yield on interest-earning assets was

primarily driven by the increase in the interest yield on variable rate commercial loans tied to the prime rate.

          The Corporation's provision for loan losses in the first quarter of 2005 was $0.73 million, compared to net loan charge-offs of $0.73 million during the same period. The provision for loan losses in the first quarter of 2004 was $0.75 million compared to net loan charge-offs during the period of $0.43 million.

          Total noninterest income was $10.18 million in the first quarter of 2005, up $0.22 million or 2.2% over the first quarter of 2004. The Corporation experienced slight increases in a number of noninterest income categories, including trust and investment management services revenue, service charges on deposit accounts, ATM and debit card revenue, and investment securities gains. These increases were mostly offset by a continued reduction in mortgage banking revenue and related title insurance agency commissions. Investment securities gains of $1.09 million in the first quarter of 2005 included $0.85 million attributable to the sale of one common stock equity security owned by the parent company. Investment securities gains of $0.98 million in the first quarter of 2004 included $0.61 million of investment securities gains attributable to the sale of common stock equity securities owned by the parent company. The parent company did not hold any remaining common stock equity securities as of March 31, 2005.

          Operating expenses were $24.98 million in the first quarter of 2005, down approximately $0.18 million, or 0.7% from the first quarter of 2004.

          Balance Sheet and Capital Position

          Total assets of the Corporation at March 31, 2005 were $3.80 billion, up $32.8 million or 0.9% over the $3.76 billion in total assets reported at December 31, 2004. Total deposits at March 31, 2005 were $2.93 billion, up $64.5 million, or 2.3% from total deposits of $2.86 billion at December 31, 2004.

          Total loans were $2.577 billion at March 31, 2005, down $8.8 million, or 0.3% from total loans of $2.586 billion at December 31, 2004. The Corporation achieved an $11.6 million or 2.5% increase in commercial loans and a $2.1 million or 1.7% increase in real estate construction loans during the three months ended March 31, 2005. These increases were offset by slight decreases in the remaining three loan categories, with the largest decrease occurring in consumer loans. Consumer loans declined $16.3 million, or 3.0% during the first quarter of 2005.

          As of March 31, 2005, the allowance for loan losses was $34.17 million or 1.33% of total loans, while nonperforming loans were $10.74 million or 0.42% of total loans. Nonperforming loans were up $0.7 million or 6.8% from December 31, 2004. Nonperforming assets as a percentage of loans plus repossessed assets were 0.67% as of March 31, 2005, compared to 0.65% as of December 31, 2004. Net loan losses as a percentage of average total loans were 0.11% on an annualized basis in the first quarter of 2005, the same percentage as during the twelve months ended December 31, 2004.

          Shareholders' equity at March 31, 2005 was $487 million or $19.32 per share and represented 12.8% of total assets. The Corporation's total risk-based capital and tangible equity to asset ratios were 17.7% and 11.1%, respectively, as of March 31, 2005.

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          Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company's three subsidiary banks operate "Chemical Bank" branch offices throughout the lower peninsula of Michigan.

          Chemical Financial Corporation common stock trades on The Nasdaq Stock Market under the symbol CHFC and is one of the issues comprising the Nasdaq Financial 100 index.

Forward Looking Statements

This press release contains forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions 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. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates and banking laws and regulations; the impact of competition from traditional or new sources; and the possibility that anticipated cost savings and revenue enhancements from mergers and acquisitions and bank consolidations may not be fully realized at all or within the expected time frames. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. Chemical undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

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Chemical Financial Corporation Announces First Quarter Operating Results

Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation and Subsidiaries

(In thousands)	March 31, 2005			December 31, 2004		March 31, 2004
Assets:
Cash and demand deposits due from banks	$	94,135		$	106,565	$	106,610
Federal funds sold		51,500			34,500		75,400
Interest-bearing deposits with unaffiliated banks		37,151			5,869		27,854
Investment securities - available for sale		740,738			716,757		840,957
Investment securities - held to maturity		159,467			176,517		169,742
Total Investment Securities		900,205			893,274		1,010,699
Commercial loans		480,553			468,970		444,229
Real estate construction loans		122,951			120,900		148,592
Real estate commercial loans		696,018			697,779		640,292
Real estate residential loans		756,468			760,834		773,195
Consumer loans		520,800			537,102		542,811
Total Loans		2,576,790			2,585,585		2,549,119
Less: Allowance for loan losses		34,171			34,166		33,494
Net Loans		2,542,619			2,551,419		2,515,625
Premises and equipment		46,671			47,577		48,669
Intangible assets		73,728			74,421		76,141
Other assets		50,881			50,500		49,574
Total Assets	$	3,796,890		$	3,764,125	$	3,910,572
Liabilities and Shareholders' Equity:
Noninterest-bearing deposits		525,272			$555,287		$502,147
Interest-bearing deposits		2,402,675			2,308,186		2,515,476
Total Deposits		2,927,947			2,863,473		3,017,623
Other borrowings - short term		94,445			101,834		92,002
Interest payable and other liabilities		33,828			28,986		38,940
FHLB borrowings		253,979			284,996		292,210
Total Liabilities		3,310,199			3,279,289		3,440,775
Shareholders' Equity:
Common stock, $1 par value		25,185			25,169		23,931
Surplus		379,149			378,694		333,065
Retained earnings		87,096			80,266		102,530
Accumulated other comprehensive income/(loss)		(4,739	)		707		10,271
Total Shareholders' Equity		486,691			484,836		469,797
Total Liabilities and Shareholders' Equity	$	3,796,890		$	3,764,125	$	3,910,572

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Chemical Financial Corporation Announces First Quarter Operating Results

Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation and Subsidiaries

	Three Months Ended March 31,
(In thousands, except per share data)	2005		2004
Interest Income:
Interest and fees on loans	$	38,811	$	37,478
Interest on investment securities:
Taxable		7,781		8,876
Nontaxable		490		565
Total Interest on Investment Securities		8,271		9,441
Interest on federal funds sold		653		201
Interest on deposits with unaffiliated banks		225		65
Total Interest Income		47,960		47,185
Interest Expense:
Interest on deposits		9,193		7,691
Interest on other borrowings - short term		348		96
Interest on FHLB borrowings		2,472		2,576
Total Interest Expense		12,013		10,363
Net Interest Income		35,947		36,822
Provision for loan losses		730		746
Net Interest Income after
Provision for Loan Losses		35,217		36,076
Noninterest Income:
Service charges on deposit accounts		4,716		4,554
Trust and investment management services revenue		2,017		1,909
Other charges and fees for customer services		1,688		1,548
Mortgage banking revenue		489		780
Investment securities gains		1,089		983
Other		181		188
Total Noninterest Income		10,180		9,962
Operating Expenses:
Salaries and employee benefits		14,580		14,801
Occupancy and equipment		4,756		4,844
Other		5,647		5,515
Total Operating Expenses		24,983		25,160
Income Before Income Taxes		20,414		20,878
Federal income taxes		6,910		6,759
Net Income	$	13,504	$	14,119
Net income per share:
Basic	$	0.54	$	0.56
Diluted		0.53		0.56
Cash dividends per share	$	0.265	$	0.252
Average shares outstanding:
Basic		25,183		25,086
Diluted		25,247		25,185

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Chemical Financial Corporation Announces First Quarter Operating Results

Financial Summary (Unaudited)
Chemical Financial Corporation and Subsidiaries
(Dollars in thousands)

	Three Months Ended March 31,
	2005		2004
Average Balances
Total assets	$	3,822,046	$	3,888,849
Total interest-earning assets		3,585,659		3,633,736
Total loans		2,575,331		2,517,080
Total deposits		2,929,347		3,020,391
Total shareholders' equity		487,557		463,268

	Three Months Ended March 31,
	2005		2004
Key Ratios (annualized where applicable)
Net interest margin		4.11%		4.12%
Efficiency ratio		54.7%		53.3%
Return on average assets		1.43%		1.46%
Return on average shareholders' equity		11.2%		12.3%
Average shareholders' equity as a
percent of average assets		12.8%		11.9%
Tangible shareholders' equity as a
percent of total assets		11.1%		10.3%
Total risk-based capital ratio		17.7%		16.5%

	March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004		March 31, 2004
Credit Quality Statistics
Nonaccrual loans	$	7,823	$	8,397	$	5,787	$	5,413	$	5,317
Loans 90 or more days past due
and still accruing		2,914		1,653		5,914		5,488		6,559
Total nonperforming loans		10,737		10,050		11,701		10,901		11,876
Repossessed assets acquired (RAA)		6,544		6,799		6,924		7,344		6,294
Total nonperforming assets		17,281		16,849		18,625		18,245		18,170
Net loan charge-offs -- year-to-date		725		2,832		1,658		1,034		431
Allowance for loan losses as a
percent of total loans		1.33%		1.32%		1.29%		1.30%		1.31%
Allowance for loan losses as a
percent of nonperforming loans		318%		340%		288%		308%		282%
Nonperforming loans as a
percent of total loans		0.42%		0.39%		0.45%		0.42%		0.47%
Nonperforming assets as a
percent of total loans plus RAA		0.67%		0.65%		0.71%		0.70%		0.71%
Net loan charge-offs as a percent of
average loans -- year-to-date (annualized)		0.11%		0.11%		0.09%		0.08%		0.07%

	March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004		March 31, 2004
Additional Data
Goodwill	$	63,293	$	63,293	$	63,293	$	63,293	$	63,293
Core deposits and other intangibles		7,324		7,931		8,572		9,138		9,613
Mortgage servicing rights (MSR),
net of MSR impairment reserve		3,111		3,197		3,441		3,252		3,235
MSR impairment reserve		-		-		-		443		693
Amortization of intangibles		800		948		931		1,079		851

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Chemical Financial Corporation Announces First Quarter Operating Results

Selected Quarterly Information (Unaudited)
Chemical Financial Corporation and Subsidiaries

	1st Qtr. 2005	4th Qtr. 2004	3rd Qtr. 2004	2nd Qtr. 2004	1st Qtr. 2004
(Dollars in thousands)
Summary of Operations
Interest income	$47,960	$48,164	$47,318	$46,583	$47,185
Interest expense	12,013	10,914	10,165	10,174	10,363
Net interest income	35,947	37,250	37,153	36,409	36,822
Provision for loan losses	730	1,711	701	661	746
Net interest income after provision
for loan losses	35,217	35,539	36,452	35,748	36,076
Noninterest income	10,180	9,739	9,623	10,005	9,962
Noninterest expense	24,983	23,890	24,499	24,920	25,160
Income taxes	6,910	6,987	7,280	6,967	6,759
Net income	13,504	14,401	14,296	13,866	14,119
Per Common Share Data
Net income:
Basic	$0.54	$0.57	$0.58	$0.55	$0.56
Diluted	0.53	0.57	0.57	0.55	0.56
Cash dividends	0.265	0.252	0.252	0.252	0.252
Book value	19.32	19.26	19.04	18.63	18.70

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