Premier Financial Corp. of Wauconda, Ill., for $394 million of stock.

The deal, whose price equals 2.12 times Grand Premier's book value, would consolidate Old Kent's fifth-place position in Chicago-area deposits. Its Illinois rank would rise one notch, to No. 5.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.