MIDLAND, Mich. and BENTON HARBOR, Mich., Dec. 22 /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 the shareholders of each company this
week voted to approve the merger of the two companies. Of the shares voting,
98.5% of Chemical Financial Corporation's shares were voted to approve the
merger and 87.4% of Shoreline Financial Corporation's shares were voted to
approve the merger. The merger was also approved by the Federal Reserve
System on December 11, 2000. These approvals permit Chemical and Shoreline to
proceed to conclude the merger, which the companies anticipate will occur
early in the first quarter of 2001.
Shoreline is a bank holding company headquartered in Benton Harbor,
Michigan, and will be merged into Chemical in the transaction. Chemical is a
multi-bank holding company headquartered in Midland, Michigan. Upon
completion of this transaction, Chemical will have 120 banking 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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