MIDLAND, Mich., March 23 /PRNewswire/ -- Chemical Financial Corporation
(Nasdaq: CHFC) announced today that two of its banking subsidiaries, Chemical
Bank West and Chemical Bank Shoreline, have reached agreement to acquire four
branch offices from Fifth Third Bank and Old Kent Bank. Chemical Bank
Shoreline will acquire the Old Kent Bank branches located at 91 Douglas
Avenue, Holland, MI and 501 Main Street, Zeeland, MI, and will also acquire
the Fifth Third Bank branch located at 1600 Beacon Boulevard, Grand Haven, MI.
Chemical Bank West will acquire the Fifth Third Bank branch located at 211 W.
Main Street, Fremont, MI. The branches have combined deposits of
approximately $150,000,000; the transaction will also involve the acquisition
by Chemical Bank West and by Chemical Bank Shoreline of certain loans
associated with the branches.
Sale of the branches by Fifth Third Bank and Old Kent Bank is a result of
the pending acquisition of Old Kent Financial Corporation by Fifth Third
Bancorp. The branch sale is contingent upon completion of that merger, and
upon approval of the branch transaction by state and federal banking
regulators. It is anticipated that the transaction will be closed during the
summer of 2001.
James Milroy, President and CEO of Chemical Bank Shoreline, commented, "We
are very pleased with this opportunity to expand Chemical Bank Shoreline's
network of branch banks further north along the Lake Michigan shoreline. We
look forward to serving the banking needs of our new customers, and becoming a
part of their communities." John Reisner, President and CEO of Chemical Bank
West, added, "We view Fremont as an important location for us, serving a
market area between our existing Chemical Bank West offices and the expanding
market area served by Chemical Bank Shoreline."
Chemical Bank West and Chemical Bank Shoreline are wholly owned
subsidiaries of Chemical Financial Corporation of Midland, Michigan. Chemical
Financial Corporation is a financial services holding company with
$3.1 billion in assets headquartered in Midland, Michigan. Upon completion of
the proposed branch acquisitions, the subsidiary banks of Chemical Financial
Corporation will operate 122 full-service branch locations and 2 loan
production offices spread over 32 counties in the lower peninsula of Michigan.
CFC Data Corp., Midland, is a wholly owned data processing subsidiary of
Chemical Financial Corporation. Chemical Financial Corporation common stock
trades 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, President and CEO of
Chemical Financial Corporation, 517-839-5352
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