-
Chemical Financial in Midland, Mich., has agreed to buy Monarch Community Bancorp in Coldwater, Mich.
November 3 -
The Michigan company is buying Nortwestern Bancorp, fleshing out a major part of its franchise map. Though Northwestern's loan portfolio has been steadily shrinking, Chemical executives expect to generate double-digit loan growth from the seller's markets.
March 11
Chemical Financial in Midland, Mich., has agreed to buy Lake Michigan Financial in Holland.
The $6.6 billion-asset Chemical said in a press release Tuesday that it would pay $184.1 million, or $55.72 a share, in cash in stock for the $1.2 billion-asset Lake Michigan Financial. The deal is expected to close in the second half of this year.
Chemical said it expects the transaction to be 10% accretive to earnings per share in the first full year, excluding $15 million in merger-related costs. The company said it expects to cut $11 million in annual expenses within six months of the deals closing.
"We have long admired ... the talented Lake Michigan Financial team," David Ramaker, Chemical's chairman, president and chief executive, said in the release. "Lake Michigan Financial is among the best commercial-and-industrial loan originators in Michigan, with strong, long-term relationships with business owners and high-net-worth clients throughout western Michigan and northwest Michigan."
Lake Michigan Financial has five branches in western and northwestern Michigan, including Grand Rapids and Traverse City.
Chemical has been an aggressive acquirer in recent months. It has pending deals to buy
Chemical was advised by Keefe, Bruyette & Woods and Warner Norcross & Judd. Lake Michigan Financial was advised by Sandler O'Neill and Varnum LLP.
