US: Talmer, Chemical banks to combine in merger

Troy-based Talmer Bancorp Inc. and Chemical Financial Corp. of Midland will combine in a “merger of equals” to create the largest bank based in Michigan.

The combined bank will have more than $16 billion in assets and 266 locations across Michigan. Talmer Chairman Gary Torgow will be chairman of the combined entity, to be headquartered in Midland, and Chemical’s David Ramaker will be CEO of the new bank.

“We’re doing this now because we were headed toward a $10 billion bank and they were headed toward a $10 billion bank,” Torgow told The Detroit News Tuesday. “It enables us to serve customers in Michigan.”

David Provost, CEO of Talmer who will hold one of five Talmer seats on the combined company’s 12-member board, added “Two Ohio banks and two Michigan banks are merging on the same day. That creates the largest bank in Ohio, and we create the largest bank in Michigan.”

The Chemical-Talmer tie-up comes as Columbus-based Huntington Bancshares Inc. also said Tuesday that it will acquire FirstMerit Corp. of Akron in a $3.4 billion deal that will create Ohio’s largest bank by deposits.

Full content: M Live

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