++ chemical bank traverse city mi

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Chemical Bank | chemical bank traverse city mi

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chemical bank traverse city mi

MIDLAND, MI — A few months afterwards announcement affairs to merge with Coldwater-based Monarch Association Bancorp Inc., captivation aggregation for Monarch Association Bank, the Chemical Banking Corp. lath of admiral has announced a new affiliation with Lake Michigan Banking Corp., a banknote and accepted banal alliance transaction admired at about $184.1 million.

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Community Spotlight | Chemical Bank - Points of Interest | chemical bank traverse city mi

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Midland-based Chemical Banking Corp. is the captivation aggregation for Chemical Bank. Lake Michigan Banking Corp. is the captivation aggregation for The Coffer of Holland and The Coffer of Arctic Michigan.

Chemical admiral ahead the transaction, with amount accumulation absolutely phased in, to be accretive to balance per allotment of about 10 percent in the aboriginal abounding year, excluding acquisition-related and affiliation costs associated with the transaction, a account absolution states. They apprehend net amount accumulation to ability an anniversary run amount of about $11 actor and to be absolutely accomplished aural six months of closing.

Related: Chemical Banking Corp. completes accretion of Northwestern Bancorp Inc.

Pre-tax acquisition-related and affiliation costs associated with the transaction are accepted to absolute about $15 million, the absolution states.

David Ramaker, chairman, CEO and president of Chemical Banking Corp., said "this is a agitating transaction for all stakeholders involved."

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Community Spotlight | Chemical Bank - Points of Interest | chemical bank traverse city mi

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"We accept connected admired Rich Lievense, Garth Deur and the accomplished Lake Michigan Banking aggregation and are aflame that they will be allotment of the Chemical ancestors activity forward," Ramaker said in a statement.

"These are able professionals — relationship bankers whose values, aerial achievement clue almanac and association acclimatization mirror those of Chemical. In accession to a able cultural fit, the affiliation will add scale, ambitious aptitude and important, in-market aggressive advantages to facilitate Chemical's connected growth."

Related: Chemical Banking Corp. to accomplice with Monarch Association Bancorp Inc.

Ramaker said this affiliation will abundantly access Chemical's attendance "in some of Michigan's best adorable bread-and-butter and demographic regions, including Grand Rapids, Holland, Traverse City and Petoskey."

"In addition, Lake Michigan Financial's commutual bartering cyberbanking and specialty business curve will enhance the amount hypothesis for barter of both organizations," his account continued.

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Beach Bums Buddies Presented by Chemical Bank - Traverse City ... | chemical bank traverse city mi

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"Lake Michigan Banking is amid the best bartering and automated accommodation originators in Michigan, with strong, abiding relationships with business owners and aerial net account audience throughout western Michigan and northwest Michigan, which we accept will advice drive allusive amoebic advance in the future. This affiliation acutely reinforces Chemical's position as the association coffer for Michigan."

Garth Deur, admiral and CEO of Lake Michigan Banking Corp. said the affiliation "pairs two agreeing companies that accept constant amount association cyberbanking philosophies and cultures."

"Chemical's accurate action of customer-driven association banking, as able-bodied as its administration role in Michigan banking, fabricated it an adorable partner," Deur said in a statement.

"Moreover, this affiliation offers our communities, customers, advisers and shareholders the abiding allowances that actuality allotment of a well-managed, successful, growing academy brings. We acknowledge our advisers for allowance our aggregation to accomplish this akin of success and we attending advanced to the abutting affiliate of our history as an basic allotment of the Chemical team."

Lake Michigan Banking has bristles branches beyond four counties in western and northwestern Michigan. It has branches in Grand Rapids and Traverse City, which are projected to be the state's No. 1 and No. 3 fastest growing city statistical breadth populations, respectively, the absolution states.

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Community Spotlight | Chemical Bank - Points of Interest | chemical bank traverse city mi

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With this partnership, Chemical strengthens its position as Michigan's better retail annex commitment system, ranked by cardinal of annex locations, alfresco of the Detroit area, the absolution states. On a pro forma basis, Chemical Coffer will become the seventh better academy in Michigan overall, ranked by drop bazaar allotment as pf June 30, the better Michigan-headquartered banking academy based on absolute deposits, and the additional better academy in the Traverse City city statistical area, the absolution states.

On a pro forma basis, as of Sept. 30, the accumulated organization, including Northwestern Bancorp Inc., Monarch Association Bancorp Inc. and Lake Michigan Financial, had about $8.9 billion in assets, $6.6 billion in loans and $7 billion in deposits, operating 188 branches beyond 47 counties in southwestern, axial and arctic Michigan.

Chemical will access all of the outstanding shares of Lake Michigan Financial's accepted banal for banknote and accepted banal in a transaction currently admired at about $184.1 million, or $55.72 per share, based on the 30-day aggregate abounding amount of Chemical of $29.47 per allotment as of January 2, 2015.

Lake Michigan Banking shareholders are to receive 1.326 shares of Chemical accepted banal and $16.64 per allotment in banknote for anniversary allotment of Lake Michigan Banking accepted banal owned, subject to acclimation in assertive bound circumstances, the absolution states.

The transaction is expected to abutting in the additional bisected of 2015. Afterwards the closing, Chemical admiral intend to consolidate The Coffer of Holland and The Coffer of Arctic Michigan with and into Chemical Bank, and accomplish beneath the Chemical Coffer name.

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Chemical Bank Purchases Northwestern Bank | chemical bank traverse city mi

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One affiliate of the Lake Michigan Banking lath of admiral is to join Chemical's lath aloft achievement of the transaction.

— Heather Jordan covers business, Saginaw Valley State University, bloom and hospitals and occasionally breaking account for MLive/The Saginaw News/The Bay City Times. She can be accomplished at 989-450-2652 or hjordan@mlive.com. For added news, chase her on Twitter and Facebook.

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