Isabella Bank to acquire Grand River Commerce for $18.3M cash + 839,003 shares in two-step merger

Filed August 10, 2026 · ~2 min read

Key Changes

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  Isabella Bank Corporation will acquire Grand River Commerce, Inc. for $18,262,391 in cash plus 839,003 Isabella shares. Grand River shareholders may elect cash or stock, subject to proration ensuring a 35% cash / 65% stock mix. Based on 9,136,529 Grand River shares outstanding, estimated per-share consideration is $5.71 cash or 0.1413 Isabella shares.

  The Offering verify on EDGAR →
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  The merger is structured as a two-step transaction: Isabella's merger subsidiary will merge into Grand River, then Grand River will merge into Isabella. Following the corporate mergers, Grand River Bank will merge into Isabella Bank, with Isabella Bank as the surviving bank.

  The Offering verify on EDGAR →
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  Isabella is paying 121.8% of Grand River's fully converted tangible book value and a 3.2% core deposit premium. Price-to-earnings multiples are "Not Meaningful" because Grand River's LTM earnings are negligible or negative. Grand River's last-twelve-months core return on average tangible common equity was 2.07%, significantly below Isabella comparable companies' range of 8.64% to 13.96%.

  Management's Discussion and Analysis verify on EDGAR →