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Chemical Financial and Talmer Bancorp merge in $1.7 billion deal

Staff Writer |
Chemical Financial Corporation, holding company for Chemical Bank, completed its merger with Talmer Bancorp, holding company for Talmer Bank and Trust.

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The transaction is in a cash and stock valued at approximately $1.7 billion based on Chemical's closing stock price on August 31, 2016.

Subsequent to the closing, Chemical and its affiliates had, on a pro forma basis as of June 30, 2016, $17.2 billion in consolidated assets, $12.7 billion in consolidated loans, and $12.7 billion in consolidated deposits, with 262 locations primarily in Michigan, Northeast Ohio and other contiguous states.

Talmer Bank and Trust will continue to operate as a separate subsidiary of Chemical until its planned consolidation with and into Chemical Bank, which is scheduled to occur concurrently with the conversion of data processing platforms in the fourth quarter of 2016.

Following the consolidation and the data processing platform conversions, all Talmer Bank and Trust locations will operate under the Chemical Bank name.

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