EXHIBIT 99.1

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

Chemical Financial Corporation Reports Fourth Quarter and Year End 2012 Results

MIDLAND, MI, January 28, 2013 -- -- Chemical Financial Corporation (NASDAQ:CHFC) today announced 2012 fourth quarter net income of $11.7 million, or $0.42 per diluted share, compared to 2012 third quarter net income of $13.1 million, or $0.48 per diluted share, and 2011 fourth quarter net income of $11.2 million, or $0.41 per diluted share. For the twelve months ended December 31, 2012, net income was $51.0 million, or $1.85 per diluted share, compared to net income for the twelve months ended December 31, 2011 of $43.1 million, or $1.57 per diluted share.

Included in the fourth quarter and year-end 2012 results were $1.8 million and $2.9 million, respectively, of transaction costs related to the acquisition of 21 branch offices from Independent Bank, a subsidiary of Independent Bank Corporation. These transaction costs reduced 2012 fourth quarter and year-end diluted earnings per share by $0.05 and $0.07, respectively. The Corporation completed the branch acquisition on December 7, 2012. Accordingly, results of the operations of the 21 branches are included in 2012 fourth quarter and year-end results since the acquisition date. The branch acquisition resulted in increases in the Corporation's total assets of $404 million, including total loans of $44 million, and total deposits of $404 million as of the acquisition date.

"2012 was a good year for Chemical Financial, as we posted improved operating performance and increased earnings per share nearly 18% over 2011. While general economic conditions continued to be challenging, we were able to grow our balance sheet through both acquisitive and organic means, as our community-focused, relationship-oriented approach and strong financial condition translated into steady demand for mortgage, consumer and business loans across the markets we serve," said David B. Ramaker, Chairman, Chief Executive Officer and President of the Corporation. "Increased net interest income, noninterest income and a lower

provision for loan losses further drove earnings, while key asset quality and loan loss metrics improved materially over the course of the year."

"The acquisition of the 21 branch offices from Independent Bank not only expands our footprint into important new markets but provides us with opportunities to increase top line revenues. As we look ahead, we will continue to focus on profitably growing our core franchise while cognizant of the fact that economic conditions remain uncertain," said Ramaker.

The decrease in net income in the fourth quarter of 2012 of $1.4 million, or 11.0%, from the third quarter of 2012 was largely attributable to an increase in acquisition-related transaction expenses of $1.2 million between these two quarters. Net interest income was $1.1 million higher and noninterest income was $1.8 million higher in the fourth quarter of 2012, as compared to the third quarter of 2012. These increases were offset by higher operating expenses (excluding acquisition-related transaction expenses) of $3.9 million and a $0.5 million higher provision for loan losses in the fourth quarter of 2012, as compared to the third quarter of 2012.

Net income per share in the fourth quarter of 2012 was $0.01, or 2.4%, higher than the fourth quarter of 2011, with the fourth quarter of 2012 including the previously mentioned acquisition-related transaction expenses. The Corporation recognized increases in net interest income of $0.9 million and noninterest income of $2.4 million in the fourth quarter of 2012, compared to the fourth quarter of 2011, that were partially offset by an increase in operating expenses (excluding acquisition-related transaction expenses) of $1.6 million.

The Corporation's return on average assets was 0.83% during both the fourth quarter of 2012 and the fourth quarter of 2011. The Corporation's return on average shareholders' equity was 7.7% in both the fourth quarter of 2012 and the fourth quarter of 2011. The Corporation's return on average assets and return on average shareholders' equity for the twelve months ended December 31, 2012 were 0.94% and 8.7%, respectively, compared to 0.81% and 7.6%, respectively, for the twelve months ended December 31, 2011.

Net interest income was $48.0 million in the fourth quarter of 2012, $1.1 million, or 2.3%, higher than the third quarter of 2012 and $0.9 million, or 1.9%, higher than the fourth quarter of 2011. The net interest margin (on a tax-equivalent basis) was 3.74% in the fourth quarter of 2012, compared to 3.76% in the third quarter of 2012 and 3.84% in the fourth quarter of 2011.

The increases in net interest income in the fourth quarter of 2012 over both the third quarter of 2012 and the fourth quarter of 2011 resulted primarily from an increase in average loans. Average loans were $306 million, or 8.1%, higher in the fourth quarter of 2012 over the fourth quarter of 2011. The favorable impact on net interest income from the growth in loans was partially offset by the net unfavorable impact of interest-earning assets and interest-bearing liabilities repricing downward during the twelve months ended December 31, 2012.

Net interest income was $187.5 million in 2012, $3.7 million, or 2.0%, higher than 2011. The net interest margin (on a tax equivalent basis) was 3.76% in 2012, compared to 3.80% in 2011.

The provision for loan losses (provision) was $5.0 million in the fourth quarter of 2012, compared to $4.5 million in the third quarter of 2012 and $5.1 million in the fourth quarter of 2011, with $0.5 million of the provision in the third quarter of 2012 and $0.3 million of the provision in the fourth quarter of 2011 applicable to the acquired loan portfolio. Net loan charge-offs were $5.2 million in the fourth quarter of 2012, compared to $6.5 million in the third quarter of 2012 and $5.5 million in the fourth quarter of 2011, with $2.2 million of net loan charge-offs in the third quarter of 2012 related to the acquired loan portfolio. The provision was $18.5 million for the twelve months ended December 31, 2012, compared to $26.0 million for the prior year, with $1.1 million of the provision in 2012 and $1.6 million in 2011 attributable to the acquired loan portfolio. Net loan charge-offs totaled $22.3 million in 2012, compared to $27.2 million in 2011. Net loan charge-offs as a percentage of average loans were 0.57% in 2012, compared to 0.73% in 2011.

Noninterest income was $13.9 million in the fourth quarter of 2012, compared to $12.1 million in the third quarter of 2012 and $11.5 million in the fourth quarter of 2011. Noninterest income in the fourth quarter of 2012 was $1.8 million higher than the third quarter of 2012 and $2.4

million higher than the fourth quarter of 2011, with the increases attributable to all major categories of noninterest income as a result of fee increases, volume growth and revenue generated from the acquired branch offices. The largest increase in noninterest income was in mortgage banking revenue (MBR), with MBR of $2.5 million in the fourth quarter of 2012 up $1.1 million over the third quarter of 2012 and $1.4 million over the fourth quarter of 2011. The increases in MBR were driven by both higher gains on the sale of loans in the secondary market and higher volume. Additionally, during the fourth quarter of 2012, the Corporation recognized $0.2 million of nonrecurring income related to the receipt of life insurance proceeds. Wealth management revenue in the fourth quarter of 2012 was $0.3 million higher than the fourth quarter of 2011 partially due to an increase in assets under management resulting from improvements in equity markets. Other charges and fees for customer services in the fourth quarter of 2012 were $0.4 million higher than the fourth quarter of 2011.

Noninterest income was $51.9 million in 2012, compared to $44.4 million in 2011. Noninterest income in 2012 included $2.3 million of nonrecurring income. Excluding nonrecurring income, noninterest income in 2012 was $5.2 million, or 12%, higher than 2011, with all major categories of noninterest income experiencing increases. Mortgage banking revenue of $6.6 million in 2012 was $2.7 million, or 70%, higher than 2011.

Operating expenses were $41.2 million in the fourth quarter of 2012, compared to $36.1 million in the third quarter of 2012 and $37.8 million in the fourth quarter of 2011. Operating expenses in the third and fourth quarters of 2012 included acquisition-related transaction expenses of $0.6 million and $1.8 million, respectively. Excluding acquisition-related transaction expenses, operating expenses in the fourth quarter of 2012 were $3.9 million higher than the third quarter of 2012 and $1.6 million higher than the fourth quarter of 2011. The increases in operating expenses in the fourth quarter of 2012 over both the third quarter of 2012 and fourth quarter of 2011 were partially attributable to $0.7 million of operating expenses of the acquired branch offices since the acquisition date. In addition, during the fourth quarter of 2012, incentive compensation, group health and credit-related expenses each were $0.7 million higher, donations expense was $0.6 million higher and outside services expense was $0.8 million higher than the third quarter of 2012. The $0.8 million increase in outside services was partially due to the

incurrence of $0.5 million of up-front project costs that are expected to result in future cost savings to the Corporation. The increase in operating expenses in the fourth quarter of 2012 over the fourth quarter of 2011 also included higher compensation, group health and outside services expense that were partially offset by a reduction in credit-related expenses of $2.6 million.

Operating expenses were $149.1 million in 2012, compared to $142.0 million in 2011. Operating expenses in 2012 included $2.9 million of acquisition-related transaction expenses. Excluding these expenses, operating expenses in 2012 were $4.2 million, or 3.0%, higher than 2011. Compensation costs were $9.9 million, or 13.3%, higher in 2012 than 2011, due largely to market driven salary increases, higher incentive compensation and higher group health claims. The increase in compensation costs was partially offset by a reduction in other expense categories, most notably credit-related expenses.

Credit-related expenses, comprised of loan collection costs and other real estate (ORE) net costs, were $3.8 million during the twelve months ended December 31, 2012, a decrease of $5.7 million, or 60%, from credit-related expenses of $9.5 million during the twelve months ended December 31, 2011. Credit-related expenses were lower in all four quarters of 2012, as compared to their respective quarters in 2011. The $5.7 million decrease in credit-related expenses was largely attributable to the Corporation recognizing net gains of $1.5 million on the sale/writedown of ORE properties during the twelve months ended December 31, 2012, compared to incurring net expense on the sale/writedown of ORE properties of $2.6 million during the twelve months ended December 31, 2011. The additional reduction in credit-related expenses of $1.6 million was attributable to lower ORE operating costs, lower legal collection costs and lower appraisal fees on nonperforming and watch loan credits as the credit quality of the Corporation's loan portfolio continued to improve.

The Corporation's efficiency ratio was 62.6% in the fourth quarter of 2012, 58.9% in the third quarter of 2012 and 63.1% in the fourth quarter of 2011. The Corporation's efficiency ratio was 60.4% in 2012 compared to 60.8% in 2011.

Total assets were $5.92 billion at December 31, 2012, up from $5.58 billion at September 30, 2012 and $5.34 billion at December 31, 2011. The increase in total assets during the fourth quarter of 2012 was attributable to the branch acquisition transaction. The Corporation has maintained significant amounts of funds at the Federal Reserve Bank (FRB), with $512 million in balances held at the FRB at December 31, 2012, compared to $315 million at September 30, 2012 and $256 million at December 31, 2011. The increase in FRB balances during the fourth quarter of 2012 was primarily due to cash received as a result of the branch acquisition transaction. The Corporation plans to invest a portion of these funds in shorter-term investment securities until they can be deployed for future loan growth.

Total loans were $4.17 billion at December 31, 2012, up from $4.02 billion at September 30, 2012 and $3.83 billion at December 31, 2011. Total loans increased $149 million, or 3.7%, in the fourth quarter of 2012, with $44 million of the increase attributable to the acquisition of loans in the branch acquisition transaction. The loans acquired were comprised of commercial loans of $3 million, commercial real estate loans of $20 million and consumer loans of $21 million. During the twelve months ended December 31, 2012, total loans increased $336 million, or 8.8%. The increases in loans during the three and twelve months ended December 31, 2012 were attributable to a combination of improving economic conditions and increased market share, as well as to the acquisition of loans in the branch acquisition transaction. The average yield on the loan portfolio was 4.79% in the fourth quarter of 2012, compared to 4.86% in the third quarter of 2012 and 5.25% in the fourth quarter of 2011.

Investment securities were $817 million at December 31, 2012, compared to $851 million at December 31, 2011. The average yield of the investment securities portfolio was 2.21% in the fourth quarter of 2012, compared to 2.33% in the fourth quarter of 2011.

Total deposits were $4.92 billion at December 31, 2012, up from $4.37 billion at December 31, 2011. The Corporation experienced an increase in total deposits of $323 million, or 7.0%, during the fourth quarter of 2012, primarily attributable to $404 million of deposits acquired in the branch acquisition transaction, which was partially offset by a seasonal decrease in deposits of municipal customers. Remaining brokered deposits acquired in the Corporation's 2010

acquisition of Byron Bank were $62 million at December 31, 2012, compared to $95 million at December 31, 2011. Federal Home Loan Bank (FHLB) advances totaled $34.3 million at December 31, 2012, compared to $43.1 million at December 31, 2011. The repricing of matured customer certificates of deposit and the decrease in interest rates on various interest-bearing deposit accounts to reflect lower market interest rates resulted in the Corporation's average cost of funds declining to 0.41% in the fourth quarter of 2012 from 0.59% in the fourth quarter of 2011.

At December 31, 2012, the Corporation's tangible equity to assets ratio and total risk-based capital ratio were 8.1% and 13.2%, respectively, compared to 8.7% and 13.3%, respectively, at December 31, 2011. The decrease in the Corporation's equity ratios was attributable to the branch acquisition transaction completed in the fourth quarter of 2012, which added $404 million in total assets, including $12.6 million of intangible assets. At December 31, 2012, the Corporation's book value was $21.69 per share, compared to $20.82 per share at December 31, 2011. At December 31, 2012 and 2011, the Corporation's tangible book value per share was $17.03 and $16.54, respectively.

The credit quality of the Corporation's loan portfolio continued to show improvement during the fourth quarter of 2012. The Corporation's nonperforming loans, consisting of nonaccrual loans, accruing loans past due 90 days or more as to principal or interest payments and nonperforming troubled debt restructurings, totaled $90.9 million at both December 31, 2012 and September 30, 2012, compared to $106.3 million at December 31, 2011. At December 31, 2012, nonperforming loans as a percentage of total loans were 2.18%, compared to 2.26% at September 30, 2012 and 2.77% at December 31, 2011.

Other real estate and repossessed assets totaled $18.5 million at December 31, 2012, compared to $19.5 million at September 30, 2012 and $25.5 million at December 31, 2011.

At December 31, 2012, the allowance for loan losses of the originated loan portfolio was $84.0 million, or 2.22% of originated loans, compared to $86.7 million, or 2.60% of originated loans at December 31, 2011. The allowance for loan losses of the originated loan portfolio as a

percentage of nonperforming loans was 92% at December 31, 2012, compared to 82% at December 31, 2011. The allowance for loan losses of the acquired loan portfolio was $0.5 million at December 31, 2012, compared to $1.6 million at December 31, 2011. Management believes that the Corporation's acquired loan portfolio totaling $393 million at December 31, 2012 was performing, overall, at or slightly better than original expectations.

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 162 banking offices spread over 38 counties in the lower peninsula of Michigan. At December 31, 2012, the Corporation had total assets of $5.9 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 (Corporation). Words such as "anticipates," "believes," "continue," "estimates," "expects," "focus," "forecasts," "intends," "is likely," "judgment," "opportunities," "plans," "predicts," "projects," "should," "trend," "will," "opinion," 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 future levels of loan charge-offs, future levels of provisions for loan losses, real estate valuation, future levels of nonperforming assets, the rate of asset dispositions, future capital levels, future dividends, future growth and funding sources, future liquidity levels, future profitability levels, the effects on earnings of future changes in interest rates, the future level of other revenue sources, future economic trends and conditions, future initiatives to expand the Corporation's market share, expected cash flows from acquired loans, future effects of new or changed accounting standards, future opportunities for acquisitions, the impact of branch acquisition transactions on the Corporation's business, opportunities to increase top line revenues, the Corporation's ability to grow its core franchise, and future cost savings. 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 and mortgage servicing rights; 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); and 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. All of the information concerning interest rate sensitivity is forward-looking. The future effect of changes in the financial and credit markets and the national and regional economies 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.

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Chemical Financial Corporation

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Chemical Financial Corporation

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Chemical Financial Corporation

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