MIDLAND and GRAND RAPIDS, Mich., May 1 /PRNewswire/ -- Aloysius J. Oliver,
President and CEO of Chemical Financial Corporation ("Chemical")
(Nasdaq: CHFC), and Robert J. Stephan, Chairman, and Ronald A. Van Houten,
President and CEO of Bank West Financial Corporation ("Bank West")
(Nasdaq: BWFC), announced today that they have signed a letter of intent for
the merger of Bank West into Chemical. In the merger, shareholders of Bank
West would receive $11.50 cash for each share of Bank West common stock in a
taxable transaction. The total value of the transaction is currently
estimated at approximately $29.8 million.
Bank West is a holding company headquartered in Grand Rapids, Michigan,
with total assets of approximately $279 million, total deposits of $179
million and total loans of $225 million, as of March 31, 2001. It is the
parent company of Bank West, a Michigan stock savings bank. Bank West
provides banking services through five offices located in Kent and Ottawa
Counties.
Mr. Oliver stated, "The proposed merger with Bank West provides a logical
extension of Chemical's markets and will fill the gap between Chemical Bank
West headquartered in Cadillac, Michigan, and Chemical Bank Shoreline
headquartered in Benton Harbor, Michigan. We believe Chemical's community
bank philosophy, coupled with the ability to offer new banking products,
should be well received and provide strong demand for Chemical's banking
services."
According to Ronald A. Van Houten, "This proposed affiliation with
Chemical will provide to our customers a broad variety of banking products,
and trust services, while maintaining the same personal service they have
always enjoyed."
The proposed merger is subject to execution of a definitive agreement,
approval by Bank West shareholders, approval by banking regulators, and other
customary conditions. It is expected to be completed during the fourth
quarter of this year. However, there can be no assurances that a definitive
agreement will be executed.
Chemical Financial Corporation is a multi-bank holding company
headquartered in Midland, Michigan, with total assets of approximately $3.1
billion as of March 31, 2001. Chemical's four subsidiary banks operate 118
"Chemical Bank" offices and two loan production offices spread over 30
counties in the lower peninsula of Michigan.
Chemical Financial Corporation common stock is traded on The Nasdaq Stock
Market under the symbol "CHFC" and Bank West Financial Corporation is traded
on The Nasdaq Stock Market under the symbol "BWFC."
FORWARD LOOKING STATEMENTS
When used in this press release or other public shareholder
communications, or in oral statements made with the approval of an authorized
executive officer, the words "will," "expect," "continue," "anticipate,"
"estimate," "project" or similar expressions are intended to identify
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Chemical and Bank West wish to caution readers
not to place undue reliance on any forward-looking statements, which speak
only as of the date made, and to advise readers that various factors including
regional and national economic conditions, changes in levels of market
interest rates, credit risks of lending activities and competitive and
regulatory factors could cause actual results to differ materially from those
anticipated or projected.
The parties do not undertake, and specifically disclaim, any obligation to
publicly release the result of any revisions which may be made to any forward-
looking statements to reflect the occurrence of anticipated or unanticipated
events or circumstances after the date of such statements.
Bank West will be filing relevant documents concerning the merger with the
Securities and Exchange Commission ("SEC"). WE URGE INVESTORS TO READ THESE
DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors will be able
to obtain the documents free of charge at the SEC's website, http://www.sec.gov . In
addition, documents filed with the SEC by Bank West will be available free of
charge from the Secretary of Bank West at 2185 Three Mile Road, N.W., Grand
Rapids, Michigan 49544-1451, telephone 616-785-3400. BANK WEST INVESTORS
SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC
CAREFULLY BEFORE MAKING A DECISION CONCERNING THE MERGER.
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 Chief
Executive Officer of Chemical Financial Corporation,
989-839-5350; Ronald A. Van Houten, President and Chief Executive
Officer, or Kevin A. Twardy, Chief Financial Officer of Bank West
Financial Corporation, 616-785-3400
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