MIDLAND, Mich., Dec. 10, 2012 (GLOBE NEWSWIRE) -- Chemical Financial Corporation (Nasdaq:CHFC), announced today that its subsidiary, Chemical Bank, has completed its previously announced purchase of 21 branches from Independent Bank, a subsidiary of Independent Bank Corporation, Ionia, MI (Nasdaq:IBCP). In addition to the branch offices, which are located in Northeast Michigan and Battle Creek, the acquisition included approximately $405 million in deposits and $44 million in loans. The purchase price of the branch offices, including equipment, was $8.1 million and the Corporation paid a premium on deposits of $11.5 million, or approximately 2.9% of total deposits.
Chemical Bank Completes Acquisition Of 21 Independent Bank Branches In Northeast Michigan And Battle Creek
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