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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Financial Corporation
Target:
Caledonia Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
9/25/2003
Announcement Date:
9/25/2003
Announced Deal Value ($ M):
53.68
Status:
Completed
Completion Date:
12/1/2003
Announced Deal Value Per Share ($ )
39.00

Consideration Breakout
Cash ($M) 49.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 259.5 252.4
Price / Tangible Book (%) 259.5 252.4
Price / Earnings (x) 16.6 15.5
Price / Deposits (%) 30.88 29.71
Price / Assets (%) 26.04 25.58
Tangible Book Premium/ Deposits (%) 25.37 24.03
Deal Terms
Description of Consideration

Chemical Financial Corp. paid $39.00 in cash to acquire each outstanding share of Caledonia Financial Corp. Chemical Financial Corp. also paid $4.5 million to Caledonia Financial Corp.'s option holders.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 35,400
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 2,350
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) 1,400
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Donnelly Penman & Partners Inc
Seller Yes Stifel Nicolaus & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Miller Canfield Paddock