MIDLAND, Mich. and BENTON HARBOR, Mich., Jan. 10 /PRNewswire/ -- Aloysius
J. Oliver, President and CEO of Chemical Financial Corporation (Nasdaq: CHFC),
and Dan L. Smith, Chairman and CEO of Shoreline Financial Corporation
(Nasdaq: SLFC), announced today that effective after the close of business on
Tuesday, January 9, 2001, Chemical and Shoreline completed the merger of their
organizations.
With this merger, Chemical now operates from 32 locations in Southwest
Michigan. Mr. Oliver said, "We welcome Shoreline's customers to Chemical and
look forward to offering new and existing customers a wide range of financial
products and services. We are highly committed to the Southwest Michigan
communities we now serve and we are excited by this opportunity to expand our
operations into this excellent market." Mr. Smith stated, "Chemical is a
strong organization and we believe this merger will benefit both our customers
and the communities that we serve."
Shoreline's shareholders received 0.64 of one share of Chemical common
stock for each outstanding share of Shoreline, for a total of approximately
7.4 million Chemical shares.
Chemical is a multi-bank holding company headquartered in Midland,
Michigan. As a result of completion of the merger, Chemical has 118
full-service banking offices, 2 loan production offices and assets of over $3
billion. Chemical common stock is traded on The Nasdaq Stock Market under the
symbol CHFC.
SOURCE Chemical Financial Corporation
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Related links:
http://chemicalbankmi.com
Company News On-Call:
http://www.prnewswire.com/comp/157448.html or fax,
800-758-5804, ext. 157448
CONTACT:
Aloysius J. Oliver of Chemical Financial
Corporation, 517-839-5350; or Dan L. Smith of Shoreline Financial
Corporation, 616-927-2251
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