Shareholders of Troy-based Talmer Bancorp have given the go-ahead to its merger with Midland-based Chemical Financial.
Following the deal’s closing, Talmer Bank and Trust, a subsidiary of Talmer Bancorp, will be merged into Chemical Bank, a subsidiary of Chemical Financial. The merged group will operate under the Chemical Bank name.
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The merger is expected to make Chemical Bank the largest bank based in Michigan.
The stock-cash deal is currently valued at about $1.4bn, an increase from $1.1bn value at the time of the deal’s announcement in January 2016.
Under the terms of the deal, Talmer shareholders will receive 0.4725 shares of Chemical common stock and $1.61 per share in cash.
“The value of the transaction will fluctuate based on Chemical's stock price between now and the time of their closing,” Talmer Bancorp said.
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By GlobalDataThe deal is now subject to Chemical shareholders’ and regulatory approvals.
Talmer Bank chairman and CEO David Provost said: "We are pleased that Talmer shareholders supported the board with such overwhelming approval, and recognized this merger as a win-win."
Talmer Bank and Trust has branches and lending offices in Michigan, Ohio, Illinois, Indiana, and Nevada. The company offers commercial and retail banking, mortgage banking, wealth management and trust services to small and medium-sized businesses and individuals.
