Chemical Financial (CHFC) in Midland, Mich., could raise up to $57.5 million through its recently announced stock offering, according to pricing information released Friday.
The $5.8 billion-asset company will offer more than 1.9 million shares of its common stock to the public at $26 a share, approximately 5% lower than its Thursday closing price of $27.28. The underwriters of the offering -- Keefe, Bruyette & Woods; Raymond James; and Sandler O'Neill -- will be given the option of buying 288,750 additional shares at the same price.
The offering is expected to close Wednesday.
Chemical, long considered a potential buyer in Michigan M&A, plans to use the capital for general corporate purposes, including possible "long-term strategic opportunities," it said in the news release.