Isabella Bank Corporation is acquiring Grand River Commerce, Inc. in a cash and stock merger valued at approximately $54.6 million. The deal expands Isabella into the Grand Rapids, Michigan market, creating a pro forma bank with about $2.8 billion in assets and 33 locations across nine counties.
Grand River reported roughly $511.7 million in assets, $437.9 million in loans and $438.9 million in deposits as of March 31, 2026. Based on assumed Grand River shares, shareholders can elect about $5.72 in cash or 0.1415 Isabella shares per share, subject to proration so that 65% of shares receive stock and 35% cash.
Isabella projects cost savings equal to 35% of Grand River’s expense base and estimates earnings per share accretion of about 10.4% in 2027 and 11.0% in 2028, with tangible book value dilution of 4.0% and an earnback period of 1.75 years using the crossover method. Closing is targeted for the fourth quarter of 2026, subject to regulatory and Grand River shareholder approvals.
McDonnell Neil Michael reported acquisition or exercise transactions in this Form 4 filing.
ISABELLA BANK CORP President and director Neil Michael McDonnell reported routine equity activity. He received a grant or award of 3 shares of common stock at $41.49 per share, increasing his direct holdings to 12,202.1715 shares. The filing also shows 42 shares of common stock held indirectly by an immediate family member.
ISABELLA BANK CORP director Jeffrey J. Barnes received a grant of 225 shares of common stock at a value of $41.49 per share. This compensation-related award increased his direct holdings to 42,527.2397 shares, representing a routine, non-market acquisition rather than an open-market purchase.
Schwind Jerome E reported acquisition or exercise transactions in this Form 4 filing.
ISABELLA BANK CORP President & CEO Jerome E. Schwind received a grant of 113 shares of common stock on June 1, 2026 at $41.49 per share. After this compensation-related award, he directly holds 37,629.0326 common shares.
Opperman Sarah R reported acquisition or exercise transactions in this Form 4 filing.
Isabella Bank Corp director Sarah R. Opperman received a stock award of 43 common shares on June 1, 2026, at $41.49 per share. This grant is compensation-related rather than an open-market purchase and increases her direct holdings to 24,514.4997 common shares.
ISABELLA BANK CORP director Brian Roy Sackett reported receiving 22 common shares as a grant or award. The shares were valued at $41.49 per share on the transaction date. After this non-derivative acquisition, he directly holds a total of 4,200.7689 common shares.
ISABELLA BANK CORP director Jill Bourland received a small stock grant. On June 1, 2026, she acquired 9.0000 shares of common stock as a grant, award, or other acquisition valued at $41.4900 per share. After this transaction, she directly holds 5869.6074 shares of the company.
Isabella Bank Corp director Vicki L. Rupp reported a stock grant. She acquired 30 shares of Isabella Bank common stock on June 1, 2026 as a grant, valued at $41.49 per share. After this award, she directly holds 9,854.1075 common shares in total.
Coffin Melinda Marie reported acquisition or exercise transactions in this Form 4 filing.
ISABELLA BANK CORP director Melinda Marie Coffin received a grant of 30 common shares at $41.49 per share. This was a compensation-related award, not an open-market purchase. After the grant, she directly holds about 5,610.8271 common shares in total.
Tessin Brian B reported acquisition or exercise transactions in this Form 4 filing.
ISABELLA BANK CORP director Brian B. Tessin received a grant of 7 shares of common stock at $41.49 per share. This compensation-related award increased his directly held position to 1,062 common shares, representing a small, routine change in his overall ownership.