Banking & Finance

Regulators Give Go-Ahead to Chemical-Talmer Merger

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MIDLAND, Mich. – The Board of Governors of the Federal Reserve System and the Michigan Department of Insurance and Financial Services have approved the union of Chemical Financial Corp. and Talmer Bancorp Inc., allowing completion of the merger Aug. 31.

Chemical, holding company of Chemical Bank, made the announcement after markets closed Wednesday.

Talmer is the holding company of Talmer Bank and Trust, which has 16 offices in Mahoning and Trumbull counties Ohio.

Shareholders of both companies voted overwhelmingly for the merger earlier this summer.

Pro forma, the larger Chemical Bank (Talmer will adopt the Chemical name) would have $16 billion in assets, $13 billion in deposits, $12 billion in loans and 266 offices across Michigan and northeastern Ohio.

To those numbers, Talmer would contribute $6.6 billion in assets, $5.0 billion in deposits and $4.8 billion in loans, according to the press release issued last Jan. 26 when the agreement between the two bank holding companies was announced.

The transaction is valued at $1.1 billion.

Published by The Business Journal, Youngstown, Ohio.