Talmer Sets Secondary Stock Offering, Repurchase
TROY, Mich. — Talmer Bancorp Inc. announced Tuesday that a secondary offering pursuant to which funds affiliated with WL Ross & Co. LLC have agreed to sell 9,664,579 shares of their Talmer Class A common stock in an underwritten public offering.
Talmer will not issue any shares nor receive any proceeds from the offering, it said. Closing is expected on or about Aug. 31.
Keefe, Bruyette & Woods, Inc. is the sole underwriter.
Talmer also announced that it intends to repurchase 5,077,000 shares in the offering, at a price equal to the price per share the underwriter is paying the selling shareholders. Following the completion of the offering and Talmer’s intended repurchase, WL Ross & Co. LLC and its affiliated funds will be fully divested of their ownership stake in Talmer’s Class A common stock.
Talmer Bancorp is the holding company for Talmer Bank and Trust, which operates branches and lending offices in Michigan, Ohio, Illinois, Indiana, Maryland, and Nevada.
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