Wilbur Ross-backed Talmer Bancorp files for IPO of up to $230 million

Fri Jan 10, 2014 6:05pm EST

Billionaire U.S. investor Wilbur Ross poses for a photo after an interview with Reuters on the sidelines of a conference at a hotel in Singapore September 25, 2012. REUTERS/Tim Chong

Billionaire U.S. investor Wilbur Ross poses for a photo after an interview with Reuters on the sidelines of a conference at a hotel in Singapore September 25, 2012.

Credit: Reuters/Tim Chong

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(Reuters) - Talmer Bancorp Inc, backed by billionaire investor Wilbur Ross, filed with U.S. regulators to raise up to $230 million in an initial public offering of common stock.

The bank holding company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Keefe, Bruyette & Woods and JP Morgan were underwriting the IPO.

David Einhorn's hedge fund Greenlight Capital Inc and Manulife Asset Management (US) LLC are the other notable shareholders with more than 5 percent stake. Ross, who serves on the Talmer board, owns more than 24 percent in the company through WL Ross & Co.

Talmer has three subsidiary banks -- Talmer Bank and Trust, First Place Bank, and Talmer West Bank. These banks operate through 94 branches in Michigan, Ohio, Indiana, Wisconsin, Illinois, Nevada and New Mexico and 13 lending offices located primarily in the Midwest.

Net proceeds from the offering will be used to repay debt and for general corporate purposes, Talmer said in a filing on Friday. (link.reuters.com/faw85v)

The filing did not reveal how many shares the company planned to sell or their expected price.

The company intends to list its common stock on the Nasdaq under the symbol "TLMR."

Talmer's net income rose to $86 million in the nine-month period ended September 30, from $14.23 million a year earlier. Net interest income, the difference between what the banks earn on loans and pay out on deposits, rose to $128.7 million from $72.2 million.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Avik Das in Bangalore; Editing by Maju Samuel)

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