Chemical Financial Corp. (CHFC) Finalizes O.A.K. Financial Corporation Acquisition
Chemical Financial Corp., the bank holding company with 144 offices in 32 of Michigan’s counties – where it is the third largest bank holding company by size – disclosed details today regarding the Apr. 30 finalization of the Company’s acquisition of the O.A.K. Financial Corporation (OAK, the holding company for Byron Bank). The close of the transaction sees CHFC standing with assets totaling $5.1B and loans to $4.2B, having issued some 3,530,129 of common stock to former OAK shareholders and converting to CHFC all outstanding OAK stock options (estimated fair value ~$100k). As of Mar. 31 Byron Bank had assets…