First Place Bank Becomes Talmer Bank

WARREN, Ohio -- The signs identifying First Place Bank are obsolete. The 60 First Place offices of Talmer Bancorp Inc. are Talmer Bank as of Monday.

Talmer Bancorp Inc., Troy, Mich., completed its acquisition of assets of the former First Place Bank Jan. 2 but its issuance Jan. 10 of a prospectus of Class A common stock precluded its saying anything to the media. It remains in a “quiet period,” a spokeswoman said, explaining why she couldn’t go beyond what’s contained in the filing with the Securities and Exchange Commission, dated Feb. 7 and signed by the CEO of Talmer Bancorp, David T. Provost.

Regardless, First Place Bank is now Talmer Bank and its network of 40 banking offices and 20 loan production offices are part of the Talmer network of 94 offices that stretches from a cluster in northeastern Ohio through another cluster in southeastern Michigan with more offices in eastern Illinois and into Wisconsin. Talmer also has one office in Albuquerque, N.M. and three in Las Vegas, Nev.

Talmer's initial public offering of Class A common stock consists of 15,555,555 shares, par value $1, with Talmer expecting the stock to sell for between $12.50 and $14.50 a share, the prospectus said. The bank holding company is offering 3,703,603 shares and selling shareholders an additional 11,851,852 shares.

In its prospectus, Talmer refers to the former First Place Bank as having "implemented a comprehensive corrective action strategy to resolve the matters addressed in the Cease and Desist Order," issued by regulators before Talmer acquired the bank. "First Place Bank is currently in compliance with the Cease and Desist Order, and on Jan. 28, the FDIC approved the consolidation of First Place Bank with and into Talmer Bank. ...At the effective time of the consolidation, First Place Bank will be merged with Talmer Bank and the Cease and Desist Order will have no further force or effect," Talmer said.

Talmer acquired First Place Bank Jan. 1, 2013 through a sale implemented by U.S. Bankruptcy Court.

As of Sept. 30, Talmer's total assets were $4.7 billion, total loans were $2.9 billion, total deposits $3.7 billion and total shareholders' equity was $606.8 million. The company reported net income of $21.7 million for the year ended Dec. 31, 2012 and $86.0 million for the nine months ended Sept. 30. Net income for the nine months included a one-time bargain purchase gain of $71.7 million resulting from its acquisition of First Place Bank.

Copyright 2014 The Business Journal, Youngstown, Ohio.
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