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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Financial Corporation
Target:
Shelby Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
11/3/1997
Announcement Date:
11/3/1997
Announced Deal Value ($ M):
25.60
Status:
Terminated
Completion Date:
1/7/1998
Announced Deal Value Per Share ($ )
71.00

Deal Terms
Description of Consideration

Shelby shareholders would have received approximately $71 in Chemical common stock for each share held. Seller's financials are for Shelby State Bank.

Accounting Method Pooling of Interests
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) 0
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 NA
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 Roney & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Varnum LLP