has acquired Monarch Community Bank in a southward expansion across Michigan, according to a recent announcement.
The transaction was all-stock, valued at about $27 million, and will unite Monarch's branches, assets, loans and deposits with Chemical Bank.
That acquisition brings Chemical Bank up to $7.5 billion in assets, in 183 branch locations across 47 counties in Michigan.
"Strategically, the addition of Monarch Community Bancorp increases our presence and market share along the important Michigan-Indiana border, significantly enhancing our south region footprint. We are delighted to welcome Monarch's customers and Rick DeVries and his talented team of colleagues to the Chemical family," says David B. Ramaker, who is chair, CEO and president of Chemical Financial Corporation, Chemical Bank's holding company.
Monarch customers will see consolidation moves like conversion to a new data processing platform and new signage and bank policy to match Chemical Bank, throughout the spring, as the official consolidation takes place in May, and after that, all Monarch branches will be operated under the name of Chemical Bank.
Writer: Kim Eggleston
Source: Chemical Bank