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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Financial Corporation
Target:
Bank West Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
5/1/2001
Announcement Date:
5/1/2001
Announced Deal Value ($ M):
29.79
Status:
Completed
Completion Date:
9/14/2001
Announced Deal Value Per Share ($ )
11.50

Consideration Breakout
Cash ($M) 29.8

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 124.7 119.2
Price / Tangible Book (%) 124.7 119.2
Price / Earnings (x) 19.5 18.0
Price / Deposits (%) 16.88 16.68
Price / Assets (%) 10.48 10.68
Tangible Book Premium/ Deposits (%) 6.16 5.46
Deal Terms
Description of Consideration

Bank West shareholders received $11.50 in cash for each share held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 800
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes W.Y. Campbell & Co.
Seller Yes Donnelly Penman & Partners Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Elias Matz Tiernan & Herrick