First Community Financial Partners Inc (FCMP)

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Wilbur Ross backs Michigan bank with eye on Illinois

Proceeds from planned $230 million IPO could go toward Midwest acquisitions

January 31, 2014

A Michigan-based bank backed by financier Wilbur Ross plans a $230 million initial public stock offering and said it might use some proceeds for acquisitions, including possibly in Illinois.

"Dislocations in the U.S. banking industry have created an opportunity for us to create a leading Midwest regional bank," Troy, Mich.-based Talmer Bancorp Inc. said in a recent Securities and Exchange Commission filing. It's targeting mostly Michigan and Ohio, but also Wisconsin, Illinois and Indiana.

Its Talmer Bank & Trust unit has one Chicago-area branch. Several executives once worked for Chicago-based PrivateBancorp Inc. and its Michigan affiliate.

Funds controlled by Ross currently have a 24 percent stake in the $4.7 billion-asset company. The chief executive of private equity firm WL Ross & Co. has been a Talmer director since 2010.

Also on Talmer's board is former Michigan Gov. Jennifer Granholm.

Talmer Bank opened in 2007 in Michigan. Between 2010 and 2013, it made five bank deals.

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http://articles.chicagotribune.com/2014-01-31/business/ct-wilbur-ross-bank-ipo-0131-biz--20140131_1_wilbur-ross-milken-institute-michigan-bank