EXHIBIT 11


                                        COMPUTATION OF PER SHARE EARNINGS
                                         CHEMICAL FINANCIAL CORPORATION
                                                  (Unaudited)


                                                          Quarter Ended               Nine Months Ended
                                                          September 30                  September 30
                                                      1995           1994            1995           1994

                                                          (In thousands, except per share amounts)
                                                                                   
PRIMARY:
Average shares outstanding                            9,166          9,127          9,160          9,120

Net effect of the assumed exercise of stock
   options-based on the treasury stock
   method using average market price                    157            138            138            148
                                                      9,323          9,265          9,298          9,268

Net income                                         $  4,910       $  4,347       $ 13,802       $ 12,799

Net income per common share                        $   0.52       $   0.47       $   1.48       $   1.38

FULLY DILUTED:
Average shares outstanding                            9,166          9,127          9,160          9,120

Net effect of the assumed exercise of stock
   options-based on the treasury stock
   method using end of period market price              176            140            174            148
                                                      9,342          9,267          9,334          9,268

Net income                                         $  4,910       $  4,347       $ 13,802       $ 12,799

Net income per common share                        $   0.52       $   0.47       $   1.48       $   1.38