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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Financial Corporation
Target:
Northwestern Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
3/10/2014
Announcement Date:
3/11/2014
Announced Deal Value ($ M):
120.00
Status:
Completed
Completion Date:
10/31/2014
Announced Deal Value Per Share ($ )
563.90

Consideration Breakout
Cash ($M) 119.4

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 172.0 154.6
Price / Tangible Book (%) 177.3 158.8
Price / Earnings (x) NM 29.1
Price / Deposits (%) 15.82 15.52
Price / Assets (%) 14.20 13.95
Tangible Book Premium/ Deposits (%) 7.60 6.29
Deal Terms
Description of Consideration

Chemical Financial Corp. paid $568.59 in cash for each outstanding share of Northwestern Bancorp. Chemical Financial Corp. also assumed Trust preferred securities of $10 million.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 60,300
Estimated Cost Savings (%) 27.80
Estimated Cost Savings ($ 000) 10,800
Est. Restructuring Charges ($ 000) 12,600
Maximum Termination Fee ($ 000) 4,800
Minimum Termination Fee ($ 000) 0
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) 12,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Silver Freedman Taff & Tiernan