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United States : INDEPENDENT BANK inks deal to sell its 21 Branches to CHEMICAL BANK
Publish Date : 26-May-2012
Independent Bank has inked a definitive agreement to sell 21 of its branches to Chemical Bank, having headquarters in Midland, Michigan.
As per the deal, the branches which forms part of the sale includes 6 branches located in the Battle Creek market area and 15 branch in Northeast Michigan.
This transaction is expected to result in the transfer of around $420 million of deposits to Chemical Bank in return for the payment of a deposit premium of around $12.4 million, representing a deposit premium of around 3.1% on identified core deposits.
Subject to customary regulatory approvals and the satisfaction of other customary terms and conditions of sale, the sale is expected to complete by the end of the third quarter of 2012.
