Jan 10 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
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 Sept. 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
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.