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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Financial Corporation
Target:
O.A.K. Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
1/7/2010
Announcement Date:
1/8/2010
Announced Deal Value ($ M):
77.45
Status:
Completed
Completion Date:
4/30/2010
Announced Deal Value Per Share ($ )
28.65

Consideration Breakout
Common Stock ($M) 86.2
Common Stock Issued 3,529,772

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 108.6 123.7
Price / Tangible Book (%) 108.7 123.8
Price / Earnings (x) NM NM
Price / Deposits (%) 11.05 12.49
Price / Assets (%) 9.22 10.49
Tangible Book Premium/ Deposits (%) 1.33 3.73
Deal Terms
Description of Consideration

Chemical Financial Corporation exchanged 1.306 shares of its common stock for each share of O.A.K. Financial Corporation.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 44,750
Estimated Cost Savings (%) 15.01
Estimated Cost Savings ($ 000) 3,800
Est. Restructuring Charges ($ 000) 6,000
Maximum Termination Fee ($ 000) 3,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.306000
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) 8,404
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Donnelly Penman & Partners Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Varnum LLP