Chemical Financial Corporation has acquired Monarch Community Bancorp, Inc.
THE TRANSACTION
On November 3, 2014, Chemical Financial Corporation (NASDAQ:CHFC) (“Chemical”) and Monarch Community Bancorp, Inc. (OTCQB:MCBF) (“Monarch”) announced the execution of a definitive agreement, whereby Monarch will merge with and into Chemical in an all-stock transaction. On April 1, 2015, Chemical completed its acquisition, valued at approximately $27.2 million, based on Chemical’s closing stock price on March 31, 2015 of $31.36. Monarch shareholders received 0.0982 shares of Chemical common stock for each share of Monarch common stock. Additionally, Monarch President and CEO, Richard DeVries, has joined the Chemical team.
Our Client
MONARCH COMMUNITY BANCORP, INC.
Monarch Community Bancorp, Inc., the parent company of Monarch Community Bank, is headquartered in Coldwater, Michigan and operates five full service banking offices in Coldwater, Marshall, Hillsdale, and Union City, and six loan production offices in Battle Creek, Brighton, East Lansing, Grand Haven, Jackson, Michigan and Angola, Indiana. As of September 30, 2014, Monarch had total assets of approximately $177 million, net loans of $136 million, deposits of $144 million, and common equity of $20.0 million.
Transaction Partner
CHEMICAL FINANCIAL CORPORATION
Chemical Financial Corporation, headquartered in Midland, Michigan, is the bank holding company for Chemical Bank. Chemical is the second largest banking company headquartered and operating branches in Michigan. Subsequent to the closing, Chemical and its affiliates had, on a pro forma basis as of December 31, 2014, $7.5 billion in consolidated assets, $5.8 billion in consolidated loans, and $6.2 billion in consolidated deposits in 183 branches across 47 counties in the lower peninsula of Michigan.
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