Less than a week after Talmer Bancorp shareholders delivered a more than 99-percent approval to the deal that has their bank folding into the family of Chemical Financial Corporation, their Chemical counterparts concurred overwhelmingly.
Thanks to Tuesday afternoon’s huge vote of confidence, the $1.4-billion merger deal will likely close later this year following other regulatory approvals from state and federal authorities.
When the deal does ultimately close, Midland-based Chemical Financial will emerge with more than $16-billion in assets generated by nearly 270 offices largely throughout Michigan and Ohio, and the Chemical Bank name will become much more of a household name in Southeastern Michigan, which was a Talmer stronghold, but virtually devoid of Chemical representation. Conversely the Talmer name, which was only in a few scattered West Michigan communities thanks to a deal two years ago when Talmer acquired Michigan Commerce Bank, will fade from the scene as all bank branches under the merged entity eventually fly the Chemical Bank brand flag going forward.
The deal was first revealed back in January and will result in Chemical Bank being the largest bank headquartered in Michigan.
The merger is currently valued at approximately $1.4-billion, up from $1.1-billion at the time of the announcement in January. Talmer shareholders will receive 0.4725 shares of Chemical common stock and $1.61 per share in cash. The valuation of the transaction will fluctuate based on Chemical’s stock price between now and the time of the closing.
Talmer Bancorp is headquartered in Troy, Michigan, and is the holding company for Talmer Bank & Trust, which operates branches and lending offices in Michigan, Ohio, Illinois, Indiana, and Nevada. The bank offers a full suite of commercial and retail banking, mortgage banking, wealth management and trust services to small and medium-sized businesses and individuals.
Chemical Bank has a major presence in Michigan’s Great Southwest, with multiple branches throughout the region serving thousands of banking customers here.
