Fin Stocks Analysis; Chemical Financial Corporation (CHFC), Cedar Realty Trust Inc (CDR)
Shares of Chemical Financial Corporation (NASDAQ:CHFC) ended Thursday session in red amid volatile trading. The shares closed down -0.24 points or -0.55% at $43.72 with 150,062.00 shares getting traded. Post opening the session at $43.76, the shares hit an intraday low of $43.67 and an intraday high of $44.40 and the price vacillated in this range throughout the day. The company has a market cap of $1.69 billion and the numbers of outstanding shares have been calculated to be 38.27 million shares.
Chemical Financial Corporation (CHFC) announced that it completed its previously announced merger with Talmer Bancorp, Inc. (“Talmer”), holding company for Talmer Bank and Trust, in a cash and stock transaction valued at approximately $1.7 billion based on Chemical’s closing stock price on August 31, 2016. Subsequent to the closing, Chemical and its affiliates had, on a pro forma basis as of June 30, 2016, $17.2 billion in consolidated assets, $12.7 billion in consolidated loans, and $12.7 billion in consolidated deposits, with 262 locations primarily in Michigan, Northeast Ohio and other contiguous states.
Chemical also announced that Gary Torgow, former Chairman of Talmer Bancorp, Inc., will join the Chemical Financial Corporation Board, as Chairman, succeeding David B. Ramaker, who will remain a director as well as Chief Executive Officer and President of Chemical. Also named to the Board were: Ronald A. Klein, Chief Executive Officer, Origen Financial, Inc.; Barbara J. Mahone, retired Executive Director, Human Resources, General Motors Corporation; David T. Provost, Vice Chairman of Chemical and former Chief Executive Officer and President, Talmer Bancorp, Inc.; and, Arthur A. Weiss, Chairman of the Board of the law firm Jaffe, Raitt, Heuer & Weiss, expanding the Board to 12 directors.
Shares of Cedar Realty Trust Inc (NYSE:CDR) ended Thursday session in red amid volatile trading. The shares closed down -0.10 points or -1.48% at $6.65. Post opening the session at $6.76, the shares hit an intraday low of $6.64 and an intraday high of $6.82 and the price vacillated in this range throughout the day. The company has a market cap of $569.03 million and the numbers of outstanding shares have been calculated to be 85.34 million shares.
Cedar Realty Trust Inc (CDR) announced that it will release financial results for the three-month period ended September 30, 2016 after the market closes on Thursday, November 3, 2016. The Company will host a conference call that same day at 5:00 PM (ET) to discuss the financial results.
A live webcast will be available online on the Company’s website at www.cedarrealtytrust.com.
The conference call can also be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A replay of the call will be available from 8:00 PM (ET) on November 3, 2016 until midnight (ET) on November 17, 2016. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13645137 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.