- The new Chemical Bank would have 266 branch locations in Michigan as well as northeast Ohio and total about $16 billion in assets and $13 billion in deposits. It would be the sixth largest bank in Michigan by deposits, and the only one of those six headquartered in Michigan.
- There are currently 185 Chemical Bank branches across the state but few in southeast Michigan. Talmer has 81 branches — 51 in Michigan and 27 in northeastern Ohio.
- Under the deal, Midland-based Chemical Bank would buy outstanding shares of Talmer Bank for the equivalent of $1.1 billion in stock and cash, or $15.64 per share. Talmer shareholders would receive 0.4725 shares of Chemical stock and $1.61 per share in cash.
*****
Talmer Bancorp Inc., the U.S. Midwestern lender backed by Wilbur Ross, increased in its trading debut after raising about $202 million in an initial public offering.
The stock climbed 5.8 percent to $13.75 at 12:20 p.m. in New York for a market valuation of about $960 million, after offering almost 15.6 million Class A shares for $13 apiece. They had been marketed at $12.50 to $14.50 each. The Troy, Michigan-based company and stockholders, including WL Ross & Co., sold 22 percent of Talmer in the IPO.
The offering is the largest for a bank since BankUnited Inc. (BKU:US) raised $900 million in 2011, data compiled by Bloomberg show. While financials have raised more through IPOs than any other industry this year, totaling $2.8 billion, Talmer is the first bank to do an initial share sale. Royal Bank of Scotland Group Plc is readying an IPO for its RBS Citizens Financial Group Inc. U.S. unit, which is expected in 2014.
Talmer has acquired six banks since April 2010, with the latest being Michigan Commerce Bank, according to a regulatory filing. With 94 branches, the company had $4.7 billion in assets at the end of September.
Ross acquired a stake in Talmer through private placements in 2010 and 2012, and will own 18 percent after the offering, the filing showed. David Einhorn’s Greenlight Capital LLC and Goldman Sachs Group Inc. also sold shares.
Keefe, Bruyette & Woods, a unit of Stifel Financial Corp., managed the offering with JPMorgan Chase & Co. Talmer is listed on the Nasdaq Stock Market under the symbol TLMR.
Description
Talmer Bancorp, Inc. is a bank holding company. The Company owns three subsidiary banks, Talmer Bank and Trust and Talmer West Bank, which are Michigan state chartered banks, and First Place Bank, which is a federal savings association. Its product line includes loans to small and medium-sized businesses, residential mortgage loans, commercial real estate loans, residential and commercial construction and development loans, farmland and agricultural production loans, home equity loans, consumer loans and a variety of commercial and consumer demand, savings and time deposit products. The Company offers a full range of deposit services that are available from most banks and savings institutions, including checking accounts, commercial accounts, savings accounts and other time deposits of various types, ranging from daily money market accounts to longer-term certificates of deposit.
Address
Suite 525, 2301 West Big Beave
TROY, MI 48084
United States
TROY, MI 48084
United States
Website
http://www.talmerbank.comKey stats and ratios
| Q3 (Sep '13) | 2012 | |
| Net profit margin | 19.58% | 13.22% |
| Operating margin | 12.04% | 19.46% |
| EBITD margin | - | 24.58% |
| Return on average assets | 0.88% | 0.97% |
| Return on average equity | 7.03% | 5.15% |
| Employees | 1,412 |
