Chemical Bank Completes Purchase of 21 Independent Bank Branches


Updated on Tue Dec 11, 2012

Chemical Bank, based in Midland, Mich., has completed the acquisition of 21 branches from Independent Bank, based in Ionia, Mich.

The transaction represents a transfer of nearly $405 million in deposits to Chemical Bank. Additionally, roughly $45 million in loans were purchased by Chemical Bank.

“This branch sale allows us to significantly advance the final phase of our capital plan and achieve our targeted bank regulatory capital ratios without the dilution of a common stock offering,” Brad Kessel, president of Independent Bank, said in May, when the sale was announced.

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