Talmer Shareholders Say Yes to Chemical Proposal
TROY, Mich. – Shareholders of Talmer Bancorp Inc., voted overwhelming for their company to be acquired by Chemical Financial Corp., Midland, Talmer announced today.
More than 99% of the shares were voted for union with Chemical. When the agreement was announced in January, senior executives of both companies billed it as a merger of equals despite Chemical having some $3 billion more in assets and the combined entity retaining the Chemical name.
Talmer is the holding company of Talmer Bank and Trust, Chemical the holding company of Chemical Bank, which would become the largest commercial bank headquartered in Michigan.
Shareholders of Chemical are schedule to vote on the acquisition July 19.
Value of the agreement is $1.4 billion, up from $1.1 billion when the agreement was announced in January, Talmer said. Talmer stockholders would receive 0.4725 share of Chemical stock for each of theirs plus $1.61 in cash.
The combined bank would have $16 billion in assets and nearly 240 offices throughout Michigan. Talmer has offices in northeastern Ohio including 16 in Mahoning and Trumbull counties.
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