Isabella Bank Corporation (NASDAQ: ISBA) has announced the mailing of election materials to shareholders of Grand River Commerce, Inc. (OTCQX: GNRV) regarding the proposed merger between the two companies. The merger remains subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. The companies anticipate completing the transaction in the fourth quarter of 2026.
Grand River shareholders are required to elect the form of consideration they wish to receive, which may include Isabella common stock, cash, or a combination of both. Election materials were mailed on or about September 28, 2026, to holders of record as of the close of business on September 24, 2026. Shareholders must deliver a properly completed Election Form to Continental Stock Transfer & Trust Company prior to 5:00 p.m., Eastern Time, on Friday, October 23, 2026. The election deadline is subject to extension by the companies, which would be announced via press release.
Under the terms of the merger agreement, each share of Grand River common stock issued and outstanding will be converted into the right to receive consideration at the election of the holder. The consideration is calculated based on a specific formula involving a total cash pool of $18,262,391 and a Cash Conversion Number of 0.35. Based on an assumption that 9,136,529 shares of Grand River common stock are expected to be issued and outstanding as of the effective time, the estimated Per Share Cash Consideration is approximately $5.71. The estimated exchange ratio for Isabella common stock is 0.1413.
