Chemical Financial Picks Up Northwestern In $120M Deal

Law360, New York (March 11, 2014, 3:26 PM EDT) -- Chemical Financial Corp. will acquire fellow Michigan banking company Northwestern Bancorp Inc. for about $120 million, the companies said Tuesday, in a deal that brings together two of the state's largest and most well-known banking institutions.

The deal — which was announced by both companies' boards of directors on Tuesday — is expected to close in the third quarter of 2014. The $120 million deal nets Chemical Financial Northwestern's 25 locations across 11 northwestern Michigan counties.

Davis B. Ramaker, chairman, CEO and president of Chemical Financial,...
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