Isabella Bank, Grand River mail merger election materials; Oct. 23 deadline set
ISBA•Isabella Bank and Grand River Commerce mailed merger election materials, with an Oct. 23 deadline. The proposed merger is targeted to close in the fourth quarter of 2026; estimated consideration is about $5.71 per Grand River share in cash or 0.1413 Isabella shares, subject to proration.
1. Merger consideration
Grand River holders can elect cash, Isabella common stock or a mix, subject to proration under the merger terms. Based on an assumed 9,136,529 Grand River shares at closing, the estimated consideration is about $5.71 per share in cash or 0.1413 Isabella shares. The cash pool is $18.26 million, and the stock pool is 839,003 Isabella shares under the exchange-ratio formula.
2. Expected closing
The proposed merger is targeted to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions.
