Shareholders of Troy, Mich.-based Talmer Bancorp Inc. approved the company's proposed with Midland, Mich.-basedChemical Financial Corp.Over 99% of Talmer shares cast at the special meeting of shareholders July 14 votedin favor of the transaction, according to a news release.

Chemical's shareholder meeting to vote on the merger is scheduledfor July 19. The merger also remains subject to final regulatory approvals.

As previously reported, Talmer shareholders will receive 0.4725of a Chemical common share and $1.61 in cash for each Talmer share. The transactionis currently valued at approximately $1.4 billion, up from $1.1 billion at the timeof the announcement inJanuary.

Talmer's shareholders, however, did not approve the golden parachutecompensation that certain executive officers of the company will receive in connectionwith the merger, according to a recently filed Form 8-K. The vote with respect tothe proposal is advisory and nonbinding.