EXHIBIT 99.1

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

Chemical Financial Corporation Reports First Quarter 2012 Results

MIDLAND, MI, April 16, 2012 -- -- Chemical Financial Corporation (NASDAQ:CHFC) today announced 2012 first quarter net income of $12.4 million, or $0.45 per diluted share, compared to 2011 fourth quarter net income of $11.2 million, or $0.41 per diluted share, and 2011 first quarter net income of $9.2 million, or $0.33 per diluted share.

"We continued to create momentum entering the new year and our earnings performance continued its upward trend. Our 2012 first quarter earnings of $0.45 per share were 36 percent higher than 2011 first quarter earnings per share and marked the highest level of quarterly earnings per share Chemical Financial has reported since the fourth quarter of 2006. In addition to a lower loan loss provision and higher net interest income, this quarter's earnings, as compared to the first quarter of 2011, were aided by an after-tax nonrecurring gain of $0.9 million from the sale of our merchant processing business to First Data, which bolstered noninterest income," said David B. Ramaker, Chairman, Chief Executive Officer and President of the Corporation.

"We are benefiting from continued stability in the Michigan economy, and have seen pockets of increasing economic strength. At the same time, we remain cognizant of the challenges at hand, and diligent in our efforts to proactively address asset quality issues," added Ramaker. "We feel that we are uniquely positioned to continue our pattern of long-term growth and profitability, both organically and via acquisition opportunities that we believe will arise as our state's banking industry consolidates," said Ramaker.

The increase in net income in the first quarter of 2012 over the fourth quarter of 2011 was attributable to a $1.1 million increase in noninterest income and a $1.5 million decrease in operating expenses that was partially offset by a decrease in net interest income of $0.9 million. The increase in net income in the first quarter of 2012 over the first quarter of 2011 was attributable to a $1.0 million increase in net interest income, a $2.5 million decrease in the provision for loan losses and a $1.9 million increase in noninterest income that was partially offset by a $0.9 million increase in operating expenses.

The Corporation's return on average assets during the first quarter of 2012 was 0.92 percent, up from 0.83 percent in the fourth quarter of 2011 and 0.70 percent in the first quarter of 2011. The Corporation's return on average equity was 8.7 percent in the first quarter of 2012, up from 7.7 percent in the fourth quarter of 2011 and 6.6 percent in the first quarter of 2011.

Net interest income was $46.2 million in the first quarter of 2012, down $0.9 million, or 1.9 percent, from the fourth quarter of 2011 and up $1.0 million, or 2.2 percent, from the first quarter of 2011.

The decrease in net interest income in the first quarter of 2012, as compared to the fourth quarter of 2011, was primarily attributable to the timing of certain sources of interest income. The positive impact of average loans being $52 million higher in the first quarter of 2012, as compared to the fourth quarter of 2011, was offset by the net impact of interest-earning assets and interest-bearing liabilities repricing during the quarter.

The increase in net interest income in the first quarter of 2012 over the first quarter of 2011 was primarily attributable to an increase in average loans of $152 million, or 4.1 percent, between these two quarters that was partially offset by the net impact of interest-earning assets and interest-bearing liabilities repricing during the twelve months ended March 31, 2012.

The net interest margin (on a tax-equivalent basis) in the first quarter of 2012 was 3.76 percent, compared to 3.84 percent in the fourth quarter of 2011 and 3.78 percent in the first quarter of 2011.

The provision for loan losses was $5.0 million in the first quarter of 2012, compared to $5.1 million in the fourth quarter of 2011 and $7.5 million in the first quarter of 2011. Net loan charge-offs were $5.5 million in both the first quarter of 2012 and fourth quarter of 2011, compared to $7.4 million in the first quarter of 2011.

Noninterest income was $12.6 million in the first quarter of 2012, up from $11.5 million in the fourth quarter of 2011 and $10.8 million in the first quarter of 2011. The higher level of noninterest income in the first quarter of 2012 was primarily attributable to the sale of the Corporation's merchant card servicing business to First Data in the first quarter of 2012 that resulted in a nonrecurring gain on the sale of $1.3 million. The transaction will provide additional merchant services to customers and will also provide the Corporation with future revenue sharing opportunities.

Operating expenses were $36.3 million in the first quarter of 2012, down from $37.8 million in the fourth quarter of 2011 and up from $35.4 million in the first quarter of 2011. The decrease in operating expenses of $1.5 million in the first quarter of 2012, as compared to the fourth quarter of 2011, was largely attributable to a reduction in credit-related operating expenses. During the fourth quarter of 2011, the Corporation recognized net expense of $1.9 million applicable to writedowns of other real estate (ORE) and net realized gains/losses on ORE sales, compared to a net gain of $0.3 million in the first quarter of 2012. The increase in operating expenses of $0.9 million in the first quarter of 2012, as compared to the first quarter of 2011, was primarily attributable to higher compensation costs that were partially offset by lower loan collection costs, consulting expenses and FDIC premiums. The Corporation's efficiency ratio was 60.4 percent in the first quarter of 2012, compared to 63.1 percent in the fourth quarter of 2011 and 61.8 percent in the first quarter of 2011.

Total assets were $5.45 billion at March 31, 2012, up from $5.34 billion at both December 31, 2011 and March 31, 2011. The increase in total assets during the first quarter of 2012 was largely attributable to an increase in interest-bearing balances held at the Federal Reserve Bank (FRB) resulting from an increase in customer deposits. The Corporation continues to maintain significant amounts of funds generated from deposit growth at the FRB, and thus maintains a high level of available liquidity, with $348 million in balances held at the FRB at March 31, 2012, compared to $256 million at December 31, 2011 and $520 million at March 31, 2011.

Total loans were $3.84 billion at March 31, 2012, compared to $3.83 billion at December 31, 2011 and $3.68 billion at March 31, 2011. The increase in total loans of $161 million, or 4.4 percent, during the twelve months ended March 31, 2012 was attributable to a combination of improving economic conditions and higher loan demand, as well as the Corporation increasing its market share. During the twelve months ended March 31, 2012, commercial loans increased $83 million, or 10.1 percent, real estate commercial loans increased $21 million, or 1.9 percent, real estate residential loans increased $52 million, or 6.5 percent, and consumer installment and home equity loans increased $43 million, or 5.1 percent, while real estate construction loans decreased $38 million, or 27 percent. Loan demand eased in the first quarter of 2012 with an increase in total loans of $12 million, or an annualized growth rate of 1.2 percent. The average yield on the loan portfolio was 5.10 percent in the first quarter of 2012, compared to 5.25 percent in the fourth quarter of 2011 and 5.48 percent in the first quarter of 2011.

Investment securities were $867 million at March 31, 2012, compared to $851 million at December 31, 2011 and $750 million at March 31, 2011.

Total deposits were $4.46 billion at March 31, 2012, compared to $4.37 billion at December 31, 2011 and $4.38 billion at March 31, 2011. The Corporation experienced an increase of $95 million, or 2.2 percent, in total deposits during the first quarter of 2012, primarily attributable to increases in consumer demand deposit and savings accounts. Federal Home Loan Bank (FHLB) advances totaled $42.1 million at March 31, 2012, compared to $43.1 million at December 31, 2011 and $72.9 million at March 31, 2011. Brokered deposits totaled $94 million at March 31, 2012, compared to $95 million at December 31, 2011 and $151 million at March 31, 2011. The repricing of matured customer certificates of deposit and various interest-bearing deposit accounts resulted in the Corporation's average cost of funds declining to 0.67 percent in the first quarter of 2012 from 0.73 percent in the fourth quarter of 2011 and 0.87 percent in the first quarter of 2011.

At March 31, 2012, the Corporation's tangible equity to assets ratio and total risk-based capital ratio were 8.7 percent and 13.7 percent, respectively, compared to 8.7 percent and 13.3 percent, respectively, at December 31, 2011 and 8.5 percent and 13.0 percent, respectively, at March 31, 2011. At March 31, 2012, the Corporation's book value was $21.10 per share, compared to $20.82 per share at December 31, 2011 and $20.54 per share at March 31, 2011.

The credit quality of the Corporation's loan portfolio showed further improvement during the first quarter of 2012. At March 31, 2012, the Corporation's nonperforming loans, consisting of nonaccrual loans, accruing loans past due 90 days or more and nonperforming troubled debt restructurings, totaled $98.5 million, compared to $106.3 million at December 31, 2011 and

$145.9 million at March 31, 2011, representing declines of 7.3 percent and 32.4 percent, respectively. At March 31, 2012, the Corporation's $473 million acquired loan portfolio was overall performing better than expected, despite the establishment of a $2.2 million allowance for loan losses on these loans that was primarily attributable to one of the fourteen loan pools experiencing a decline in expected cash flows, with $0.6 million of this allowance established in the first quarter of 2012.

Other real estate and repossessed assets totaled $25.9 million at March 31, 2012, compared to $25.5 million at December 31, 2011 and $26.4 million at March 31, 2011.

At March 31, 2012, the allowance for loan losses of the originated portfolio was $85.6 million, or 2.54 percent of originated loans, compared to 2.60 percent at December 31, 2011 and 2.85 percent at March 31, 2011. The allowance for loan losses of the originated portfolio as a percentage of nonperforming loans was 87 percent at March 31, 2012, compared to 82 percent at December 31, 2011 and 61 percent at March 31, 2011. At March 31, 2012, nonperforming loans as a percentage of total loans were 2.56 percent, down from 2.77 percent at December 31, 2011 and 3.96 percent at March 31, 2011.

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 March 31, 2012, the Corporation had total assets of $5.5 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 that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy and Chemical Financial Corporation. Words such as "anticipated," "believe," "capitalize," "continue," "feel," "focus," "further," "improving," "intends," "look," "opportunities," "progress," "strategies," "trends," "will," "yet" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to the credit quality of the loan portfolio, future levels of nonperforming loans, future economic trends and conditions, anticipated consolidation opportunities in Michigan's banking industry, future income levels, and our ability to grow our loan portfolio, improve credit quality and control operating costs. All statements referencing future time periods are forward-looking. Management's determination of the provision and allowance for loan losses, the carrying value of acquired loans, goodwill, mortgage servicing rights and other real estate owned and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involve judgments that are inherently forward-looking. Management's assumptions concerning pension and other postretirement benefit plans involve judgments that are inherently forward-looking. There can be no assurance that future loan losses will be limited to the amounts estimated or that other real estate owned can be sold for its carrying value or at all. The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and on the Corporation, specifically, are also inherently uncertain. 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. The 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 of the Corporation's Annual Report on Form 10-K for the year ended December 31, 2011. 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.

Consolidated Statements of Financial Position (Unaudited)
Chemical Financial Corporation

Consolidated Statements of Income (Unaudited)
Chemical Financial Corporation

Financial Summary (Unaudited)
Chemical Financial Corporation

Average Balances, Tax Equivalent Interest and Effective Yields and Rates (Unaudited)*

Nonperforming Assets (Unaudited)
Chemical Financial Corporation

Summary of Loan Loss Experience (Unaudited)
Chemical Financial Corporation