Talmer and Chemical set to merge

Look for another bank name change soon in Port Huron, as formal announcements have been made on Midland based Chemical Bank and Troy based Talmer Bank having agreed to a merger. Talmer was the company eventually created after Citizens First ended business at the bank’s Water Street home office. Chemical has some 185-offices spread over 47-counties in southwestern, central, and northern Michigan. The Chemical Bank name would take over at the nearly 90 Talmer locations, with Chemical set to acquire all of the outstanding shares of Talmer stock which is currently valued at over a $1billion. Together the two would have $16 billion in assets, $12 billion in loans, $13 billion in deposits and some 266 locations. In a demonstration of commitment to the area both companies announced a nearly $5 million donation commitment to the Community Foundation of Southeast Michigan. Officials hope to have the deal finalized by the second half of this year and still need shareholder approval from both compaines as well as various regulatory approvals.