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Return to Mergers & Acquisitions

Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Bank
Target:
21 Branches
Deal Type:
Bank & Thrift Branch
Seller:
Independent Bank Corporation
Agreement Date:
5/23/2012
Announcement Date:
5/23/2012
Number of Target Branches
21
Branch Locations
Alpena (2)
MI
Battle Creek (5)
MI
East Tawas
MI
Gaylord (2)
MI
Hale
MI
Hillman
MI
Houghton Lake
MI
Hubbard Lake
MI
Oscoda
MI
Richland
MI
Rogers City
MI
Rose City
MI
Tawas City
MI
West Branch
MI
Whittemore
MI
Franchise Premium ($ 000)
11,800
Tangible Book Premium/ Deposits (%)
2.89
Status:
Completed
Completion Date:
12/7/2012

Deal Pricing Ratios

Announcement Completion
Price / Book (%) NA NA
Price / Tangible Book (%) NA NA
Price / Earnings (x) NA NA
Price / Deposits (%) NA NA
Price / Assets (%) NA NA
Tang Book Premium / Core Deposits (%) 3.00 NA
Deal Terms
Description of Consideration

NA

Financials
Deposits ($ 000) 408,634
Total Assets ($ 000) 396,834
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Stifel
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Varnum LLP

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