MIDLAND, Mich. and GRAND RAPIDS, Mich., Sept. 14 /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 ("BWFC") (Nasdaq: BWFC),
announced today that Chemical has completed its acquisition of BWFC. As a
result of the transaction, shareholders of BWFC will receive $11.50 cash for
each share of BWFC common stock in a taxable transaction. The total value of
the transaction is approximately $29.7 million.
Chemical Financial Corporation is a financial holding company
headquartered in Midland, Michigan. After completion of the merger, Chemical
has 128 banking offices, assets of approximately $3.5 billion, and is the
fourth largest bank holding company (based on assets) with headquarters in
Michigan.
Mr. Oliver stated, "The merger will increase Chemical's presence in West
Michigan and provides an excellent entry into the attractive Grand Rapids
metropolitan market. We are pleased to continue to expand our operations in
West Michigan and believe Chemical's banking products, financial services, and
community bank philosophy will be well received by Bank West customers."
According to Ronald A. Van Houten, "Chemical is a strong organization with
a community bank service philosophy and a history of benefiting the
communities that it serves. We believe the merger will benefit our customers
and our community."
Chemical Financial Corporation common stock is traded on The Nasdaq Stock
Market under the symbol "CHFC."
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 BWFC 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.
SOURCE Chemical Financial Corporation
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Related links:
http://chemicalbankmi.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/157448.html
CONTACT:
Aloysius J. Oliver, President and Chief
Executive Officer of Chemical Financial Corporation,
+1-989-839-5350; or Ronald A. Van Houten, President and Chief
Executive Officer, or Kevin A. Twardy, Chief Financial Officer,
of Bank West Financial Corporation, +1-616-785-3400
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