Category: Bank


    Chemical bank closing branches

    chemical bank closing branches

    Chemical Bank has about 200 branches in Michigan and Ohio, according to Randi Berris, Director of Corporate Communications for TCF Bank. Berris. Chemical Bank President and CEO David Ramaker announced the closings during the Midland-based bank's first-quarter earnings conference call last. Horizon Bank agreed to pay 1.75% premium on deposits acquired at closing, or $17.1 million based on deposits outstanding of approximately $976.
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    BANK TECH CHECK: Closing Branches

    The Verdict

    Chemical Bank is an OK option — if you're in Michigan

    Chemical Bank's branch network and low-fee products mean it's worth a look — if you live in Michigan.

    It chemical bank closing branches offer online and mobile banking so customers can manage their money remotely.

    But with so many other options out there today, there's no strength big enough to make you need to overlook an innovative online bank or big international bank that can offer more bells and whistles for your dollar.

    The Competition

    So-so interest rates, but competitive on fees

    Chemical Bank is Michigan's biggest bank but it competes with much bigger banks, like JP Morgan Chase, Bank of America, and PNC.

    Fighting chemical bank closing branches national banks can't be easy.

    After a buyout of another local bank, Chemical is consolidating branches, which is corporate speak for closing them down and restructuring.

    For a stronger branch network and a slick app, try PNC. A major competitor to Chemical Bank, PNC has 2,600 branches across 19 states, and customers have good things to say about its app in the iTunes and Google Play stores.

    We wrote up a great review of PNC Bank, which you should check out.

    For more competitive rates, check out Barclays. This bank offers extremely competitive rates on savings accounts and certificates of deposit (CDs).

    Median value of Certificates of Deposit owned by families

    However, Barclays is an exclusively online bank and has no plans to offer a checking account anytime soon.

    But if you insist on working with a local bank, Chemical Bank is not a bad option.

    The Strengths

    Budget-friendly, Basic-Banking Services for Those in Michigan

    With plenty of low-cost options for people on a budget, Chemical Bank offers several standard mobile and online banking services.

    You can also do some of your banking, like loan payments and transfers, with a touch-tone phone.

    Most edmond oklahoma weather today these services are free for personal banking customers.

    There if you need them. The main selling point for Chemical is its connection to local communities via its physical branches.

    Better deals for existing customers. Chemical Bank offers discounts on loan rates for customers who also have savings chemical bank closing branches checking accounts with Chemical.

    The Bank's Weaknesses

    Don't bother with Chemical Bank if you're not in Michigan

    Poor national presence. Chemical Bank's limited market is one drawback.

    Chemical Bank has 248 locations in Michigan, plus 26 in Ohio and two in Indiana, but it does not operate elsewhere.

    Closing local branches. Following its 2016 merger with Talmer Bank and Trust, Chemical Bank announced it would close up to 15% of its existing branches.

    This probably wouldn't be so bad if it had a slick mobile app, but the bank doesn't dazzle there, either.

    Can't open a checking or savings account online. In an era where banking is moving aggressively online, Chemical Bank's requirement that you come in to see them when setting up your account is a significant drawback.

    Humdrum interest rates. The interest rates Chemical Bank offers on savings accounts are considered chemical bank closing branches little lower than other banks.

    But since interest rates are rising for the first time since the financial crisis, a basic savings account won't yield much interest income anyway.

    How <a href=huntington bank three rivers mi hours money is in your savings account">

    Why You May Want To Bank With Them

    Chemical Bank is a Good Choice if You Want a Community Bank

    If you want local decision making and aren't too concerned about having the latest app, then Chemical Bank is a good, low-fee option that's worth a look.

    About The Company

    A 100-year institution with an odd name

    Chemical Bank was founded in 1917 and today is Michigan's largest bank, but the origin of its name is a little murky.

    What The Company Does

    Personal and Business Banking Options with Local Decision-Making

    If you're in the market for personal or business-related financial services like checking and savings accounts and want to work with a bank that is very Michigan-friendly, then Chemical Bank is your bank.

    The bank offers the basic banking services you'd expect:

    • Personal banking (checking and savings accounts)
    • Personal loans
    • Mortgages
    • Credit cards
    • Business banking
    • Wealth management services

    We're going to review the services to see how they may work for you.

    Checking Accounts

    Go with the ChemBasic or ChemPlus for no fees or balance requirements.

    Both offer free ATM withdrawals at Chemical Bank's ATMs, electronic bill payment, and electronic banking.

    The ChemPlus, for customers over 55, includes free paper checks and notary services.

    Online banking by household income

    Pick theGreen checkingif you don't write a lot of checks. This account has no minimum balance but does limit you to five free paper checks per month.

    Or choose the Advantage account to earn some interest. This account earns a variable interest rate and waives fees if you maintain a minimum balance of $1,000 or if you have at least $10,000 on deposit at Chemical Bank.

    Savings Accounts

    Choose the Classic account for no fees, plus a little interest. The Classic and Community savings account both waive fees for balances over $300, but the Classic account pays you define point of view 1st person market-based interest rate for any balance over $0.

    Or choose the Holiday Club to save for something big. Holiday club or Christmas club accounts were once a popular savings vehicle for people who wanted to save a little bit at a time for a big expense.

    You choose the maturity date and make small regular deposits over a year.

    The interest payments won't add up to much, but this is a great option if you want to save up for something and avoid taking on debt for say, a vacation.

    Home Mortgages

    Consider Chemical Bank if you have loans from med school. Among other products, Chemical Bank offers mortgages for doctors, chiropractors, dentists, and veterinarians, with 100% financing and no private mortgage insurance.

    This can be an attractive option for buyers with a lot of student debt but a lot of earning potential, too.

    Don't rule it out if you're a first-time homebuyer. Chemical Bank also offers lock box amazon federally-backed first-time homebuyer programs, and it offers pre-qualification for homebuyers.

    Personal Loans

    Do consider Chemical Bank for an auto or consumer loan. Chemical Bank offers pretty decent rates on home equity loans and auto loans. Chemical Bank offers other types of personal loans but doesn't share the rates for those on its website.

    Credit Cards

    Go with the secured credit card if you're rebuilding credit. The MasterCard-branded secured credit card is a decent option for people with no credit or bad credit.

    You set a credit limit with a single deposit between $300 and $5,000 into a deposit account.

    However, this card does charge a $25 annual fee and the APR isn't particularly competitive.

    Look elsewhere for a rewards card. Chemical Bank's Complete Rewards card earns 1% back on all purchases, carries a 0% intro APR for six months, and offers 2,500 bonus points if you make a purchase in the first three months.

    That's not a bad deal, but it's not a great deal, either. If you plan to use your credit card mainly for gas and groceries, you can definitely find a better deal elsewhere.

    Financial Services for Businesses

    Worth a look if you're a small business owner. The U.S. Small Business Administration named Chemical Bank the Michigan Community Lender of the Year in 2016.

    Chemical Bank has a full suite of business banking products, and its local roots and close-to-home decision making could be especially appealing for smaller entrepreneurs.

    Wealth Management if You're Looking to Invest

    Don't rule out Chemical Bank if you need advice. Chemical Bank has financial advisors available for customers who want some guidance with big decisions, like planning long-term care or retirement.

    annual mean wage of personal financial advisors

    The bank also offers trust services, investment management, and private banking (for very wealthy clients).

    Consider Chemical Bank if you want to sponsor a retirement plan for your employees. The bank also offers retirement planning for employers who want to offer a 401(k), IRA, or other employer-based retirement plans.

    What People Love (And Hate) About It

    Fees and customer service top everyone's list

    Local community know-how. Online reviewers consistently praise Chemical Bank for low fees and integration with the local community.

    Enjoy low fees if you do all your banking there. Customers that have a checking and savings account are able to get access to more Chemical Bank services for a cheaper price than just going in a la carte.

    Some customers think Talmer & Trust had better customer service. When Chemical bought Talmer & Trust, these customers say customer service slipped.

    Rewards credit cards are difficult to set up. Some customers wish the credit card application process was easier, too.

    Key Digital Services

    Less-than-stellar mobile banking

    Like any bank today should, Chemical Bank offers basic mobile, online, and phone banking channels.

    Deposit checks on your phone. Chemical Bank customers can also deposit a check by taking a picture of it with their smartphones.

    You can pair your Chemical Bank debit or credit card with a mobile wallet, like Apple Pay, Android Pay, Samsung Pay, or MasterPass. There is no fee for any of these services.

    The app has lousy customer reviews. In the Google Play and Apple iTunes stores, customers mainly complained of functionality issues chemical bank closing branches updating the app, but some said it worked better after updating.

    Its online banking platform has standard features that allow you to see your balance and activity and make transfers from one account to another.

    How to Find a Branch Near You

    You can use their online branch locator, or download their app on Google Play and iTunes.

    Chemical Bank Routing Number

    Routing number: 072410013


    • How can I apply for an account at Chemical Bank?

      You cannot open a checking or savings account online with Chemical Bank, though you can apply for a mortgage, personal loan, or credit card. To apply for a personal banking account, you'll need to visit your nearest branch. Bring a state-issued ID card, like a driver's license or passport, and maybe a utility bill with your most recent address. Call Chemical Bank's customer service at toll-free at (800) 867-9757 to double-check these requirements before you visit the branch. Customers can also send a secure email to Chemical Bank by following the instructions  at this page. A banker will run your name and Social Security number through a verification service called ChexSystems. This will tell Chemical Bank whether you have any accounts in poor standing with another bank. If you have a negative balance at another bank, you won't be able to open a new account until you resolve it. This is standard at most any bank in the United States today.

    • How can I close my account with Chemical Bank?

      Chemical Bank offers no online instructions for closing your account. You will most likely need to visit a branch, but contact the bank before you do to make sure you bring any documentation you might need.

    • Is Chemical Bank available in all states in the US?

      While online and mobile banking services give Chemical Bank's customers 24/7 access to their accounts wherever they are, you have to actually visit a physical location to open an account. Since Chemical Bank operates only in Michigan, Indiana, and Ohio, it's not an ideal option if you live somewhere else.

    • Do I need a checking account in order to apply for a loan or a credit card with Chemical Bank?

      You do not need a checking account to apply for a credit card with Chemical Bank. If you are applying for its secured credit card, you'll have to open a special savings account. Chemical Bank does not say whether you need to have a checking account to apply for a loan, however.

    • Do its products and services differ from state to state?

      No, but Chemical Bank also has a limited presence outside of Michigan. Additionally, you have to visit a branch to open an account, which doesn't make this a great option for people who live far from Michigan.

    • Does Chemical Bank use credit scores when determining to give you a loan or a credit card?

      Yes. Chemical Bank will consider your credit score when you apply for a loan or a credit card. With a few exceptions, most lenders do consider your credit score when making a decision on your application.

    • Does Chemical Bank report to any of the credit unions?

      chemical bank closing branches No. Chemical Bank is a bank, not a credit union. As such, it is regulated by and reports to the Federal Deposit Insurance Corporation and its state regulator. A different agency, the National Credit Union Administration, regulates credit unions. Banks and credit unions offer many of the same financial products and services, but neither reports to the other. In fact, the two often compete with each other for customers.

    • Are there physical branches?

      Yes. Chemical Bank has 248 branches in Michigan, 26 branches in Ohio, and 2 branches in Indiana. Following its merger with Talmer Bank & Trust, however, Chemical Bank is planning to close up to 15% of its branches in 2017 in a chemical bank closing branches measure.

    • Where can I find the routing number for my bank?

      You can find the routing number, sometimes called a transit number, at the bottom of a check. It will be the leftmost nine-digit number along the bottom of the check.

    • How much do I need to have in my checking account to start earning interest?

      If you want to earn interest in your checking account, you'll want Chemical Bank's Advantage checking account. That account requires you maintain a minimum balance of $1,000 to avoid monthly service fees.

    • What is the overdraft protection offered for the checking accounts?

      Chemical Bank offers overdraft protection on checking accounts but provides few details about this on its website. You'll have to call customer service at (800) 867-9757 for more information. Remember that you have to opt-in for this service.

    • How and where can I redeem my points?

      Chase bank street address for direct deposit can redeem your points by logging into your Chemical Bank account online and proceeding to a third-party site where you choose your rewards and how much to redeem.

    • Does Chemical Bank offer FICO credit scores each month?

      If you have a credit card with Chemical Bank, you can get your FICO score for free whenever you want.

    • Are the loans offered secured or unsecured loans?

      Chemical Bank offers secured loans, meaning that Chemical will not make a loan without some asset given up as collateral with a promise to repay the debt. Although personal unsecured lending is more popular lately, Chemical Bank does not dabble in it.

    • Can I manage all of my accounts via the mobile banking?

      Yes, you can manage all of your Chemical Bank accounts with its online and mobile banking channels. You'll want to read your account terms carefully because a fee may apply for some types of accounts.

    • Are there any exclusive offers for veterans or military members?

      Chemical Bank offers mortgage loans guaranteed by the U.S. Department of Veterans Affairs. Typically called VA loans, these offer as much as 103% financing without private mortgage insurance, often at favorable rates.

    • Can I use ATMs outside of Michigan to withdraw money?

      Yes. You can withdraw money from ATMs outside of Michigan, but fees may apply.

    • What are the fees and charges for withdrawing from other ATMs?

      Foreign ATM fees will vary. Chemical Bank doesn't charge a foreign ATM fee, but other ATMs usually will. A typical ATM fee might be about $3, but ATMs in casinos, hotels, and airports often charge much higher fees.

    • Can I join Chemical Bank if I am not a resident of Michigan?

      You can join Chemical Bank if you live outside of Michigan, but it won't make much sense if you live far outside its market and want regular access to a branch. You also need to visit a branch to open a checking, savings, or money market account. Chemical Bank does not offer online account opening, although you can apply for a credit card or start the mortgage or loan application process online.

    • What is same day ACH and who qualifies for it?

      Same day ACH (Automated Clearing House) is a new rule from chemical bank closing branches National Automated Clearing House Association that allows payments to be posted and processed the same day they're made. For instance, it means that bill payments, person-to-person payments, and payroll deposits will post on the same business day. It also means you have to make sure you have the funds in your account to cover any ACH payments Same day ACH covers domestic debit and credit transactions up to $25,000, as well as a few other types of transactions. However, Chemical Bank does not offer same day ACH to its customers as of October 2017.

    • How many days does it take to deposit checks or money into my account?

      chemical bank closing branches You can deposit checks or money to your account instantly in a branch. Chemical Bank also offers remote check deposit via its mobile and online banking platforms. Check the terms of your account because a small fee might apply for mobile check deposit.

    • There are so many accounts available. Can I meet someone in person to determine which one would be the best one for me?

      Yes. Chemical Bank has 248 full-service branches in Michigan, plus 29 in Ohio and 2 in Indiana, although it recently has said it intends to reduce about 15% of its branch network.

    • How safe is banking with Chemical Bank?

      Chemical Bank is profitable and well capitalized. It also has a better-than-normal asset quality, meaning it's written comparatively fewer loans that later defaulted. Chemical Bank did not receive a bailout during the last financial crisis and has not been penalized by its regulators for any unscrupulous practices. Chemical Bank received a rating of "outstanding" on its last Community Reinvestment Act review, meaning regulators basically consider the bank a good corporate citizen. Recently, Chemical Bank has increased its focus on business banking, so it could suffer losses if a recession hit a business or property on its books. By any reasonable standard, however, banking with Chemical Bank is safe. Chemical Bank is also insured by the Federal Deposit Insurance Corporation, meaning that in the event the bank fails, your deposits will be protected up to $250,000.

    • Who do I contact in the event of identity theft?

      You'll want to contact Chemical Bank's customer service center at (800) 867-9757 if you suspect you've been the victim of identity theft. The bank may monitor your accounts for suspicious activity and refund any losses you've experienced. If you haven't done so already, you'll also want to obtain a free credit report to look for other instances of fraud. Finally, you may want to freeze your credit with the major credit reporting agencies while you deal with this.

    Chemical Bank is at least worth considering if you live in its market area.

    Its low fee structure makes this a good option for consumers on a budget. Its wide branch network is ideal for people who prefer to speak with a banker face-to-face.

    Not a great choice for competitive rates or a sophisticated mobile app.

    But Chemical Bank's interest rates are not the most competitive, and it's mobile and online banking channels leave something to be desired.

    Our recommendation would be to shop around and consider the bank if you're a diehard, not-going-anywhere Michigander

    Are you a Chemical Bank customer?

    Would you recommend anyone to use their services?

    Any great tips (or nightmares) to share with the rest of us?

    Let us know in the comments below.


    Why Is Chemical Bank New Jersey Selling Its Central and Southern Branches?

    Date: December 14, 1994

    Location: East Brunswick

    Title: Why Is Chemical Bank New Jersey Selling Its Central and Southern Branches?

    Author: George M. Taber

    On December 1, Chemical Bank Chairman Walter Shipley told securities analysts at a meeting in Manhattan that the bank would be selling off its Central New Jersey and Southern New Jersey branches as part of a major reorganization. The moves were an obvious attempt to boost Chemical”s low stock price. Chemical will now operate only in the northeastern part of the state, and it will service those branches out of Manhattan, while closing its New Jersey headquarters in East Brunswick. Speculation immediately started about who would pick up the Chemical branches. Conventional wisdom in the industry is that it will be one of the large out-of-state banks like Mellon, which is either not active here now or only moderately active. After the announcement Aristides Georgantas, the CEO of Chemical New Jersey, discussed the changes with BUSINESS.

    BUSINESS: Why is Chemical pulling out of Central and Southern New Jersey?

    Georgantas: Chemical bank closing branches wishes to be an organization that enjoys substantial market share, critical mass and to be an important player in all the markets it chooses to be. When Chemical came to New Jersey it was widely recognized that an investment would have to be made in New Jersey to give the old Horizon Bank network, which it had bought, that critical guitar chords i m yours jason mraz and greater market share. Following the difficult economic environment we had here in 1990 and 1991 and after the impressive turnaround of Chemical Bank in New Jersey to the point where our earnings, reputation and reserve positions are terrific, we made several attempts to make meaningful acquisitions in New Jersey that would give us that leadership position. You can only do that through acquisition. To do it by branch expansion is a very long and very expensive process. All of those very serious attempts at acquisition fell short of the mark. It became rather clear that in the absence of acquisitions, we had to do something different. The result was the announcement.

    BUSINESS: Is this pullback part of bigger trends in banking?

    Georgantas: Our ability to reach greater and greater numbers of customers through technology means that banks are less dependent on branches. My children, who do substantial business with the bank, never go to a branch. We selected a growth path for the corporation that is connected to what we call our national consumer strategy. The acquisition of Margaretten and folding that into our mortgage operation is an example of the national consumer effort, and it is not dependent on branches. Our credit card effort with Shell is another example of the preference for national consumer businesses. Banks are less interested in the huge, fixed costs of branches.

    BUSINESS: When will the sale of the branches be completed?

    Georgantas: It”s in the interest of all the parties involved for it to be done quickly.

    BUSINESS: In 1991 Chemical merged with Manufacturers Hanover. Did the strategy of the new and bigger Chemical influence the fate of Chemical New Jersey?

    Georgantas: Once the big merger was well established there was a continuing evaluation of how business was conducted in that huge organization and what the new opportunities to expand here or contract there were. It is the ordinary evaluation of the dynamics of the business. My guess is that even if there had not been a merger the kinds of questions we are struggling with today would have been every bit as valid for a $60 billion organization as they are for a $160 billion organization.

    BUSINESS: Some say that Chemical New Jersey”s problem was that it was too small to compete against the big banks, but too big to compete with community banks.

    Georgantas: I don”t accept that. We could compete with the biggies on any transaction or any specialty. What you really have is the issue of distribution of branches and the ability to handle a substantial part of the retail market at a time when our presence in New Jersey was diffuse and did not have the critical mass Chemical wanted to see. Getting that critical mass required an investment that we were not going to make.

    BUSINESS: What do you see happening to banking in New Jersey?

    Georgantas: I think the trends that we see nationally will also apply here. There will be more consolidation and all sorts of reconfigurations of banks as they become real challengers to the non-banks like Merrill Lynch. More and more products like insurance and mutual funds will be flowing through the banking system. There is going to be a very interesting amalgam of non-branch dependent businesses that are more dependent upon technology. Yet branches will continue to have chemical bank closing branches very important role. I also think the balance sheets of banks will be substantially different in the future. A lot of the risk that up until now has been carried by banks will be shifted to investors. Clearly there will be fewer banks, and they will look less like the banks of the past and more like financial supermarkets. u

    3:00 am Tue, August 9, 2005NJBIZ

    Jessica Perry


    Chemical Bank closing three local branches

    Branches in Holland, Zeeland and Fennville to be consolidated

    Austin. Metz    [email protected]

    Chemical Bank upper management has confirmed that three bank locations in the area will be part of the upcoming bank consolidation process.

    Chemical Financial Corporation, a Midland-based corporation that is the parent of Chemical Bank, announced in early September plans to consolidate 25 branches in the fourth quarter of 2017 to go with 13 branches that were closed in the third quarter of 2017.

    Dennis L. Klaeser, executive vice president and chief financial officer for Chemical Financial Corporation, confirmed that the Holland branch at 855 S. Washington Ave. in Holland will be consolidated into the downtown Holland how to get free stuff online without a credit card, the Fennville location at 125 S. Maple St. will be consolidated into the Saugatuck branch and the Zeeland branch at 501 Main St. has been consolidated to the 9581 Riley St. branch in Zeeland.

    The Chemical Bank branch in Hamilton will remain open.

    The remaining consolidations will take place in December.

    Klaeser said the current perception is that these changes are an indication of struggles the bank is currently going through. To him, that is not the case.

    “This is not a tough time for the business,” he said. “Our business is growing very significantly. We are very profitable and we are capturing market shares back from big out of state banks that dominate our markets. We are one of the fastest growing banks in the Midwest and in the United States.”

    The current restructuring will impact approximately 230 employees and Klaeser said the changes are being done more because of the recent changes in banking that has placed an emphasis on online banking and not because of poor performance by the branches involved in the consolidation.

    Going forward, Klaeser said the bank will do whatever it can to help displaced employees find jobs within the company. When that is not possible, the bank plans to help prepare employees for new jobs.

    “We do everything we can to find new homes for those employees within the company,” he said. “When there is an opportunity for a branch employee to move to a nearby branch we try to accommodate that. If there isn’t another position for them in the organization, we provide what we think is a generous severance package.”

    The staff reduction, branch consolidations and other restructuring efforts are expected to cost approximately $18 million, including $15 million in severance and retirement expenses and $3 million in charges associated with “market value adjustments” related to branch consolidations and other restructuring expenses.

    — Follow this reporter on Twitter play go fish card game or @BizHolland.



    Horizon Bank to Acquire 14 TCF National Bank Branches in Michigan with $976 Million in Deposits and $278 Million in Loans

    MICHIGAN CITY, Ind., May 25, 2021 (GLOBE NEWSWIRE) -- Horizon Bank, a wholly owned subsidiary of Horizon Bancorp, Inc. (NASDAQ GS: HBNC) (“Horizon”), has entered into a definitive purchase and assumption agreement to acquire 14 TCF National Bank (“TCF”) branches in 11 Michigan counties with approximately $976 million in deposits and $278 million in associated loans, which are being divested by TCF Financial Corporation in connection with its merger with Huntington Bancshares Incorporated.

    “We are excited to welcome Horizon Bank’s newest employees and customers and introduce them to our record of exceptional service to consumers, small businesses, non-profits and municipalities across Michigan and Indiana,” Chairman and CEO Craig M. Dwight said. “This financially and strategically attractive transaction is a logical extension of our efficient retail franchise, which is designed to further enhance our low-cost core deposit and funding capability to support loan growth in a recovering economy.”

    The transaction, which is expected to be completed by the end of the third quarter of 2021, is subject to regulatory approval and other customary closing conditions and adjustments. Horizon expects to add over 50,000 primarily retail and small business customer accounts and the entire workforce of the acquired branches.

    Currently, Horizon Chemical bank closing branches operates 74 bank branches, including 15 in Michigan, and customers across its diverse and economically attractive Midwestern markets conduct a majority of their transactions through its convenient digital and virtual banking channels.

    Transaction Summary
    Horizon Bank agreed to pay 1.75% premium on deposits acquired at closing, or $17.1 million based on deposits outstanding of approximately $976 million at March 31, 2021. Horizon expects the transaction to be in excess of 17% accretive to 2022 earnings per share, excluding non-recurring transaction-related expenses. Tangible book value dilution is expected to be 5.0%, with a TBV earnback of approximately two years. An internal rate of return of approximately 21% is anticipated.

    The transaction is expected to expand Horizon’s already low-cost core deposit franchise, even with conservative runoff and attrition assumptions. Deposit accounts to be acquired have an average capital one visa signature login life of more than 10 years. The 0.08% average cost of acquired deposits is expected to further reduce Horizon’s total deposit cost, which was an average of 0.21% in the first quarter of 2021.

    The low operating cost of the branches to be acquired should also further reduce Horizon’s comparatively low efficiency ratio and non-interest expense to average assets ratio.

    Horizon Bank is also acquiring performing residential mortgage, consumer, and small business loans associated with the branches at a 3.50% discount. Based on due diligence conducted on the portfolio to be acquired, Horizon believes the loan discount is more than sufficient to cover any credit risk exposure. Loans outstanding for the portfolio to be acquired totaled approximately $278 million at March 31, 2021, more than 86% of which were associated capital one 360 bank interest rate deposit accounts at the 14 branches.

    As an experienced integrator, the Michigan branch transaction will be Horizon Bank’s 15th acquisition since 2002 and fifth in the last five years, productively deploying excess capital and cash currently held at the holding company.

    “We have a demonstrated history of integrating cultures, prioritizing community involvement and retaining seasoned local bankers, which continue to be key components to our future success,” added Dwight.

    Donnelly Penman & Partners served as financial advisor and Warner Norcross + Judd LLP served as legal advisor to Horizon on the transaction.

    Investor Presentation and Conference Call
    An investor presentation with additional information, including a complete list of acquired branches, will be available at

    Horizon will also host an investor conference call tomorrow morning to review its branch transaction plans. Participants may access the live conference call on May 26, 2021 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 877–317–6789 from the United States, 866–450–4696 from Canada or 412–317–6789 from international locations and requesting the “Horizon Bancorp Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

    A telephone replay of the call will be available for approximately one week following the live conference. The replay may be accessed by dialing 877–344–7529 from the United States, 855–669–9658 from Canada or 412–317–0088 from other international locations, and entering the access code 10156750.

    About Horizon Bancorp, Inc.
    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $6.1 billion-asset bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto, and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides columbia savings bank nj locations comprehensive array of in-market business banking and treasury management services, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at and

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of Horizon. For these statements, Horizon claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or degrees f to celsius of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “expect,” “pro forma,” “intend,” “plan,” “believe,” “will,” “should,” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

    Investor Contact:
    Contact: Mark Secor
    Chief Financial Officer
    Phone: (219) 873-2611

    Media Contact:
    Contact: Amy Phares
    Public Relations Manager
    Phone: (219) 874-9208


    Posted by: | on October 2, 2012
    Posted in Bank | 5 Comments »

    5 Comments to Chemical bank closing branches

    1. @Sudeesh S Nair but still ppl have more faith in sbi rather than any other bank

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