Midland-based Chemical Financial, the parent of Chemical Bank, has secured approvals from the State of Michigan Department of Insurance and Financial Services and the Board of Governors of the Federal Reserve System for its merger with Troy-based Talmer Bancorp.
Following the completion of the deal, Talmer Bank and Trust, a subsidiary of Talmer Bancorp, will merge into Chemical Bank. The combined entity will operate under the Chemical Bank name.
The stock-cash deal received the approval from Talmer Bancorp shareholders last month, and is anticipated to close on 31 August 2016. The two companies agreed to merge in January 2016 .
Chemical Financial chairman, CEO and president David Ramaker said: “As a result of these approvals, and our anticipated closing at month-end, we can increasingly focus on the next chapter of this merger. We believe that pairing Talmer’s strong core banking organization, talented and highly respected bankers, and attractive customer base with Chemical’s will result in the Midwest’s preeminent, community-focused financial institution.
“Combining these liked-minded, growth-oriented organizations should benefit the individuals, families and businesses in the diverse, growing communities that we are fortunate to serve throughout Michigan, Northern Ohio and other contiguous states.”
