MIDLAND, Mich. and CALEDONIA, Mich., Dec. 1 /PRNewswire-FirstCall/ --
David B. Ramaker, President and CEO of Chemical Financial Corporation
(Nasdaq: CHFC) ("Chemical"), and Lawrence B. Fitch, President and CEO of
Caledonia Financial Corporation ("Caledonia"), announced today that Chemical
has completed its acquisition of Caledonia. As a result of the transaction,
shareholders of Caledonia will receive $39.00 cash for each share of Caledonia
common stock in a taxable transaction. The total value of the transaction is
approximately $55.3 million.
Chemical Financial Corporation is a financial holding company
headquartered in Midland, Michigan. After completion of the merger, Chemical
has 133 banking offices, assets of approximately $3.8 billion, and is the
fourth largest bank holding company (based on assets) with headquarters in
Michigan.
Mr. Ramaker stated, "This merger will enhance Chemical's presence in the
attractive West Michigan 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 Caledonia
customers."
According to Mr. Fitch, "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" and similar expressions are intended to identify
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Chemical wishes 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.
Chemical does not undertake, and specifically disclaims, any obligation to
publicly release the results 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/comp/157448.html
CONTACT:
David B. Ramaker, President and Chief
Executive Officer of Chemical Financial Corporation,
+1-989-839-5350; or Lawrence B. Fitch, President and Chief
Executive Officer of Caledonia Financial Corporation,
+1-616-891-8113
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