Isabella Bank to Acquire Grand River Commerce

Key Highlights

• Isabella Bank Corporation and Grand River Commerce, Inc. entered into an Agreement and Plan of Merger.
• The transaction involves a merger of Merger Sub into Grand River, followed by a merger of Grand River into Isabella, and a bank merger between their subsidiaries.
• Grand River shareholders can elect to receive either cash or Isabella common stock, subject to proration.
• The aggregate cash consideration is approximately $18.26 million, subject to reduction if Grand River's equity is below $45.7 million.
• Grand River stock options will be cancelled and converted into a cash payment equal to the difference between the Per Share Cash Consideration and the exercise price.