September 30, 2014

Federal Reserve Board approves application by Chemical Financial Corporation

For immediate release

The Federal Reserve Board on Tuesday announced its approval of the notice under section 4 of the Bank Holding Company Act by Chemical Financial Corporation ("Chemical"), Midland, Michigan, to acquire Northwestern Bancorp, Inc., and its wholly owned subsidiary, Northwestern Bank, a state savings bank that has elected to be treated as a savings association for purposes of section 10(l) of the Home Owners' Loan Act, both of Traverse City, Michigan. The Board also approved the applications under section 18(c) of the Federal Deposit Insurance Act and section 9 of the Federal Reserve Act by Chemical's subsidiary bank, Chemical Bank, also of Midland, to merge with Northwestern Bank and to establish and operate 25 branches at the locations of Northwestern Bank's main office and branches.

Attached is the Board's Order relating to this action.

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Last Update: September 30, 2014