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Tuesday, 22 May 2012 20:00

Independent Bank sells 21 branches to Chemical Bank

Written by  MiBiz Staff
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GRAND RAPIDS — Ionia-based Independent Bank has signed a definitive agreement to sell 21 of its branches to Midland, Mich.-based Chemical Bank for about $12.4 million.  The sale, which is expected to close by the end of the third quarter of 2012, will include 21 branches, including six branch locations in the Battle Creek market and 15 branches in Northeast Michigan.  

The transaction is expected to result in the transfer of approximately $420 million of customer deposits and nearly $40 million of loans to Chemical Bank. The deposits represented about 19 percent of Independent's total deposits at March 31, 2012.  

After the transaction is completed, Independent Bank will operate 80 branch locations throughout Michigan, and Chemical Bank will operate 163 branches around the state's lower peninsula.

Independent Bank is the bank subsidiary of Ionia, Mich.-based Independent Bank Corporation (NASDAQ: IBCP); Chemical Bank is the bank subsidiary of Midland, Mich.-based Chemical Financial Corporation (NASDAQ: CHFC).

Stifel Nicolaus Weisel acted as financial advisor to Independent Bank Corporation and Varnum LLP served as legal advisor.  Chemical Financial was advised by the investment banking firm Keefe, Bruyette & Woods Inc. and the law firm Warner Norcross & Judd LLP.

Read 1812 times Last modified on Thursday, 02 August 2012 17:03

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