Isabella Bank Corporation (ISBA) and Grand River Commerce (GNRV) received all required regulatory approvals for their previously announced merger.
Grand River shareholders approved the merger on September 18, 2026. The companies expect the transaction to close on November 2, 2026, subject to satisfaction of customary closing conditions. The transaction follows the Agreement and Plan of Merger dated June 11, 2026, among Isabella, Grand River and 401 Merger Sub. Isabella is the parent of Isabella Bank, headquartered in Mt Pleasant, Michigan; Grand River is the parent of Grand River Bank, headquartered in Grandville, Michigan.
Isabella Bank (ISBA) and Grand River Commerce (GNRV) announced merger election materials for Grand River shareholders, with elections due October 23, 2026.
Holders can elect cash, Isabella shares or both for their Grand River shares, subject to adjustment and proration. Assuming 9,136,529 Grand River shares outstanding when the merger takes effect, cash consideration is estimated at approximately $5.71 per share and the exchange ratio at 0.1413 Isabella shares per Grand River share. Elections must arrive before 5:00 p.m. Eastern Time. Regulatory approvals remain pending, and the companies expect to complete the proposed merger in the fourth quarter of 2026.
Isabella Bank Corporation (NASDAQ:ISBA) agreed to acquire Grand River Commerce in a cash-and-stock merger valued at about $54.6 million.
Grand River reported $511.7 million in assets as of March 31, 2026; the combined bank is expected to have $2.8 billion in assets and 33 locations across nine Michigan counties, expanding into the Grand Rapids market.
Grand River Bank (GNRV) has promoted Drew Ysseldyke to President & CEO, completing a transition process that began in April 2023. Ysseldyke succeeds Pat Gill, who served as CEO since 2012 and will continue as an advisor and board member. With nearly 30 years of banking experience, Ysseldyke previously held the position of Market President and Corporate Banking Executive for Old National Bank in Grand Rapids, MI.
Under Gill's leadership, Grand River Bank grew to over $500 million in assets. The bank, founded in 2009 by West Michigan business leaders and local investors, provides comprehensive financial solutions for businesses and individuals across West Michigan. Grand River Bank is a subsidiary of Grand River Commerce, Inc., traded under the OTCQX ticker symbol GNRV.