On April 30, 2010, Chemical Financial Corporation (NASDAQ:CHFC) ("Chemical") completed its previously announced acquisition of O.A.K. Financial Corporation (OTCBB:OKFC) ("OAK"). Subsequent to the closing, Chemical has $5.1 billion in assets, $3.6 billion in loans and $4.2 billion in deposits in 144 banking offices across 32 counties in Michigan's lower peninsula. The transaction was valued at approximately $83.8 million as of the closing date of April 30, 2010, including the conversion of stock options with an estimated fair value of $0.1 million.
O.A.K. FINANCIAL CORPORATION
OAK, headquartered in Byron Center, Michigan, is the holding company for Byron Bank with assets of $812 million as of March 31, 2010. Byron Bank provides traditional banking services and products through 14 banking offices serving 14 communities in Kent, Ottawa and Allegan counties in west Michigan.
CHEMICAL FINANCIAL CORPORATION
Chemical is the third largest bank holding company headquartered in Michigan. Prior to acquiring OAK, the company operated through a single subsidiary bank, Chemical Bank, with 130 banking offices spread over 32 counties in the lower peninsula of Michigan. At March 31, 2010, the company had total assets of approximately $4.3 billion.