On August 21, 2007, Isabella Bank Corporation (OTC: ISBA) ("Isabella"), the parent company of Isabella Bank, agreed to acquire Greenville Community Financial Corporation (“GCFC”), parent of Greenville Community Bank (“Greenville”). The parties agreed to an amended agreement on September 24, 2007, which amended the exchange ratio and merger consideration. Isabella paid $14.70 per share in cash, or approximately $11.4 million, in addition to issuing 0.6659 shares of Isabella common stock for each share of outstanding GCFC common stock, to acquire all outstanding shares of GCFC common stock. Based on Isabella’s closing stock price as of December 31, 2007 the transaction had a value of approximately $33.0 million.
GREENVILLE COMMUNITY FINANCIAL CORPORATION
Greenville Community Financial Corporation is a bank holding company headquartered in Greenville, Michigan, with assets of approximately $112.7 million and total shareholders’ equity of $11.2 million as of September 30, 2007. As of September 30, 2007, GCFC operated 2 branches within Montcalm County in Michigan.
ISABELLA BANK CORPORATION
Isabella Bank Corporation is a bank holding company headquartered in Mt. Pleasant, Michigan, with total assets of $923.7 million, total deposits of $726.8 million and total shareholders’ equity of $121.2 million as of September 30, 2007. As of September 30, 2007, Isabella provided banking services through 21 offices located throughout central Michigan.