Isabella Bank will distribute approximately $18.3 million in cash alongside 839,003 shares of common stock to complete the purchase. At Thursday’s closing price of $43.24 per share, the stock component is valued at roughly $36.3 million, placing the acquisition cost per Grand River share at $5.98. The transaction, which is expected to finalize by the end of the calendar year, will produce a unified entity commanding $2.8 billion in total assets. This expanded footprint will cover 33 locations across nine Michigan counties, marking a strategic shift in Isabella Bank's market presence within the state.
In section Market Quotes
Isabella Bank to Acquire Grand River Commerce in $54.6 Million Deal
A 41% premium over Thursday’s closing price anchors the acquisition of Grandville-based Grand River Commerce by Mt. Pleasant’s Isabella Bank. The $54.6 million agreement, structured through a blend of cash and equity, signals a significant consolidation for the Michigan banking sector as both institutions prepare to integrate their regional operations.
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