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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Financial Corporation
Target:
Monarch Community Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/31/2014
Announcement Date:
11/3/2014
Announced Deal Value ($ M):
26.21
Status:
Completed
Completion Date:
4/1/2015
Announced Deal Value Per Share ($ )
2.92

Consideration Breakout
Common Stock ($M) 27.6
Common Stock Issued 860,575

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 131.1 140.0
Price / Tangible Book (%) 131.1 NA
Price / Earnings (x) NM NA
Price / Deposits (%) 18.15 19.39
Price / Assets (%) 14.82 15.84
Tangible Book Premium/ Deposits (%) 4.95 NA
Deal Terms
Description of Consideration

Chemical Financial Corp. exchanged 0.0982 shares of its common stock for each outstanding share of Monarch Community Bancorp Inc., subject to certain adjustments.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 5,339
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 4,346
Est. Restructuring Charges ($ 000) 2,300
Maximum Termination Fee ($ 000) 1,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.098200
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) 1,930
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 Howard & Howard Attorneys PLLC