MIDLAND, Mich. and TRAVERSE CITY, Mich., May 16, 2014 (GLOBE NEWSWIRE) -- Chemical Financial Corporation ("Chemical") (Nasdaq:CHFC), the holding company for Chemical Bank, and Northwestern Bancorp, Inc. ("Northwestern"), the holding company for Northwestern Bank, today announced that the shareholders of Northwestern have approved the Agreement and Plan of Merger, dated March 10, 2014, pursuant to which Chemical will acquire all of the outstanding shares of Northwestern's common stock in an all cash transaction valued at $120 million.
Completion of the transaction remains subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals.
About Chemical Financial CorporationChemical Financial Corporation is the second largest banking company headquartered and operating branch offices in Michigan. Chemical operates through a single subsidiary bank, Chemical Bank, with 157 banking offices spread over 38 counties in the lower peninsula of Michigan. At March 31, 2014, Chemical had total assets of $6.34 billion. Chemical Financial Corporation's common stock trades on The NASDAQ Stock Market under the symbol CHFC and is one of the issues comprising The NASDAQ Global Select Market. More information about Chemical is available by visiting the investor relations section of its website at www.chemicalbankmi.com. About Northwestern Bancorp, Inc. Northwestern Bancorp, Inc. is the parent holding company for Northwestern Bank, a Michigan chartered savings bank. Northwestern Bank is headquartered in Traverse City, Michigan and offers banking, investment and trust services and employee benefit services through 25 office locations in northern Michigan. At March 31, 2014, Northwestern Bancorp, Inc. had $844 million in total assets, $492 million in total loans, $758 million in total deposits and $1.1 billion in assets under management. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements regarding Chemical Financial Corporation's outlook or expectations with respect to the planned strategic partnership with Northwestern Bancorp, Inc., including the expected costs to be incurred and cost savings to be realized in connection with the transaction, the expected impact of the transaction on Chemical's future financial performance (including anticipated accretion to earnings per share, tangible book value earn-back period and internal rate of return), the assumed purchase accounting adjustments and intangibles and other key transaction assumptions, and consequences of Northwestern's integration into Chemical. Words such as "anticipated," "estimated," "expected," "projected," "assumed," "approximately," "continued," "should," "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. Pro forma financial information is not a projection or prediction of future results and is presented for informational purposes only.