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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Bank Thumb Area
Target:
State Savings Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/19/1995
Announcement Date:
9/19/1995
Announced Deal Value ($ M):
18.80
Status:
Completed
Completion Date:
5/1/1996
Announced Deal Value Per Share ($ )
187.50

Consideration Breakout
Common Stock ($M) 19.9
Common Stock Issued 500,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 206.8 212.8
Price / Tangible Book (%) 206.8 212.8
Price / Earnings (x) 22.8 26.3
Price / Deposits (%) 33.55 37.88
Price / Assets (%) 28.69 31.95
Tangible Book Premium/ Deposits (%) 17.88 20.79
Deal Terms
Description of Consideration

State Savings shareholders received 5.0 shares of Chemical Financial common for each share held. Seller's financials are for State Savings Bank of Caro.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
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) 5.000000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Bodman PLC