It’s official, thanks to completion of the previously announced merger with Talmer Bancorp, Inc., Chemical Financial Corporation is now the largest banking company headquartered and operating branch offices in Michigan. Chemical says the cash and stock deal valued at approximately $1.7-billion was finalized Wednesday.
Chemical Financial is the holding company for Chemical Bank which has offices throughout Michigan’s Great Southwest.
Subsequent to the closing, Chemical and its affiliates had, on a pro forma basis as of the end of June, $17.2-billion in consolidated assets, $12.7-billion in consolidated loans, and $12.7-billion in consolidated deposits. The bank operates 262 locations primarily in Michigan, Northeast Ohio and other contiguous states.
Upon final closure of the deal, Chemical also announced that former Talmer Bancorp Chair Gary Torgow will join the Chemical Financial Corporation Board as Chairman, succeeding David Ramaker, who will remain a director as well as President & CEO of Chemical. Alson named to the board were Ronald Klein, the CEO of Origen Financial, Inc; Barbara Mahone, the retired Director of HR for General Motors; David Provost, Vice Chair of Chemical and former CEO & President of Talmer Bancorp; and Arthur Weiss, Chairman of the Board of the law firm of Jaffe, Raitt, Heuer & Weiss. That action expands the board to 12 directors.
Ramaker says, “We are delighted to welcome Gary, Dave and the entire Talmer team to the Chemical family. By combining two talented banking organizations, with shared banking philosophies and strong track records of organic and acquisitive growth, into a single $17-billion, Midwest-focuse institution, we can better serve our customers, communities, colleagues and shareholders going forward.”
Chemical also announced that two former Talmer executives have joined Chemical’s Executive Management Leadership Committee, expanding the committee to 11 members: Dennis Klaeser was named Executive VP & CFO, succeeding Lori Gwizdala, who will remain Executive VP of Special Projects; and, Thomas Shafer was named Executive VP & Director or Regional & Community Banking.
Talmer Bank & Trust will continue to operate as a separate subsidiary of Chemical until its planned consolidation with and into Chemical Bank, which is scheduled to occur concurrently with the conversion of data processing platforms in the fourth quarter of 2016. Following that consolidation and the data processing platform conversions, all Talmer Bank & Trust locations will operate under the Chemical Bank name.
Chemical was advised by the investment banking firm of Sandler O’Neill + Partners and the law firm of Warner Norcross & Judd. Talmer was advised by the investment banking firm of Keefe, Bruyette & Woods and the law firm of Nelson Mullins Riley & Scarborough.
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. They will be added to the S&P MidCap 400 Index upon the closing of the merger.
