Banking & Finance

Chemical Financial issues $50M public offering

September 13, 2013
| By Pete Daly |
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Chemical Financial operates branches throughout Michigan's lower peninsula through its subsidiary, Chemical Bank. Image via fb.com

Chemical Financial Corporation has commenced an underwritten public offering of $50 million of its common stock.

Chemical Financial (NASDAQ: CHFC) intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock sold pursuant to this offering to cover over-allotments.

All of the shares are being offered by the company.

The public offering is expected to close on Sept. 18, according to a Chemical Financial announcement.

The Midland bank with branches across West Michigan intends to use the net proceeds for general corporate purposes, which may include funding loan growth and long-term strategic opportunities that may arise in the future.

Keefe, Bruyette & Woods, a Stifel company, is the sole book-running manager in this offering.

Raymond James & Associates and Sandler O'Neill + Partners, LP are acting as co-managers for the offering.

Donnelly, Penman & Partners is acting as a selling group member.

The offering will be made under the company's shelf registration statement filed with the Securities and Exchange Commission on May 23 and declared effective on June 7.

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