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Talmer Bank transitions to Chemical Bank
By Kalea Hall
YOUNGSTOWN
After 99 years in business, Michigan-based Chemical Bank is making its first move into Ohio with its acquisition of Talmer Bank and Trust.
The bank completed its merger with Talmer in late August and will complete the Talmer to Chemical Bank transition by Nov. 14.
Locally, Mahoning and Trumbull counties have 16 locations.
Talmer and Chemical “are very similar in terms of culture and focus on service and products,” said Mark Wenick, region president for the Mahoning Valley at Talmer.
“I think the focus on community is enhanced even more so with Chemical Bank.”
Customers have been sent out welcome packets with information on Chemical Bank. On Nov. 10, customer accounts will be converted to Chemical Bank accounts. Chemical is surveying the Talmer locations to see what needs changed. Soon, customers will see new signs and the Chemical brand replacing the Talmer brand.
Until the transition is completed, Talmer is operating as a separate subsidiary of Chemical. The $1.7 billion acquisition will add 80 locations to Chemical Bank – bringing the total number of Chemical Bank locations to more than 260 in Michigan, Indiana and Ohio.
The move makes Chemical the largest banking company headquartered in Michigan.
“I am very excited about it,” Wenick said of the transition. “I think Chemical will be a tremendous fit and tremendous asset to the Mahoning Valley.”
Michigan-based Talmer came to the Mahoning Valley when it purchased Warren-based First Place Bank out of bankruptcy in 2013. Talmer’s investment into First Place was more than $200 million. Chemical, as of June 30, has $17.2 billion in consolidated assets, $12.7 billion in consolidated loans, and $12.7 billion in consolidated deposits.
With the acquisition, Gary Torgow, former chairman of Talmer Bancorp Inc., will join the Chemical Financial Corp. Board, as chairman and David T. Provost, vice chairman of Chemical and former chief executive officer and president of Talmer, will be a board member.
On Tuesday, Chemical will announce its third-quarter earnings,