MergerJun 12, 2026, 09:21 AM
Isabella Bank to Acquire Grand River Commerce for $54.6 Million
AI Summary
Isabella Bank Corporation announced it will acquire Grand River Commerce, Inc. in a cash and stock transaction valued at approximately $54.6 million. The acquisition is expected to expand Isabella's presence into the Grand Rapids market and create a combined entity with approximately $2.8 billion in assets. The deal, which aligns with Isabella's strategic objectives, is anticipated to close in the fourth quarter of 2026 and is projected to be accretive to Isabella's earnings per share.
Key Highlights
- Isabella Bank Corporation to acquire Grand River Commerce, Inc. in a cash and stock transaction valued at approximately $54.6 million.
- The combined pro forma company is expected to have total assets of $2.8 billion.
- Grand River had approximately $511.7 million in assets, $437.9 million in loans and $438.9 million in deposits as of March 31, 2026.
- The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and shareholder approvals.
- The deal is projected to result in approximately 10.4% EPS accretion in 2027.
- Grand River shareholders will receive a mix of cash and stock, with options for $5.72 cash or a fixed exchange ratio of 0.1415 Isabella shares per Grand River share, subject to proration.
- Isabella Bank Corporation is headquartered in Mt Pleasant, Michigan, and Grand River Commerce, Inc. is headquartered in Grandville, Michigan.
Price Impact
More from ISBA