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Deal Overview

Buyer:
Chemical Financial Corporation
Actual Acquirer:
Chemical Financial Corporation
Target:
Key State Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
5/13/1993
Announcement Date:
5/13/1993
Announced Deal Value ($ M):
25.50
Status:
Completed
Completion Date:
10/21/1993
Announced Deal Value Per Share ($ )
47.29

Consideration Breakout
Common Stock ($M) 27.5
Common Stock Issued 575,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 206.4 204.1
Price / Tangible Book (%) 206.4 204.1
Price / Earnings (x) 16.8 17.0
Price / Deposits (%) 17.06 19.09
Price / Assets (%) 15.21 16.98
Tangible Book Premium/ Deposits (%) 9.23 10.23
Deal Terms
Description of Consideration

Key State Bank shareholders received 1.017 shares of Chemical Financial common for each share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.017000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes W.Y. Campbell & Co.
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Warner Norcross & Judd LLP
Seller Yes Werner & Blank LLC