The Michigan company will pay $68 million to expand in a high-priority market.
Consolidation activity was ho-hum for most of April before a burst of transactions — and notable ones at that — were announced in the month's final week.
Chemical is paying roughly $3.6 billion for the $23.5 billion-asset TCF. The combined company will be based in Detroit, Chemical's hometown, and operate under the TCF brand.
First Merchants in Indiana would pass $10 billion in assets by acquiring MBT Financial in Michigan.