Talmer Announces Strategic Acquisition Of First of Huron Corp. (8/06/14)
ROY, Mich., Aug. 6, 2014 /PRNewswire/ -- Talmer Bancorp, Inc. (Nasdaq: TLMR) and First of Huron Corp. jointly announced today the signing of a definitive agreement and plan of merger ("Agreement") whereby Talmer Bancorp, Inc. will acquire First of Huron Corp., and its wholly-owned bank subsidiary Signature Bank, in an all-cash transaction. According to the terms of the Agreement, Talmer Bancorp will acquire all of the outstanding common stock of First of Huron Corp. in a transaction valued at approximately $13.4 million.
Bob Thomas, Chief Executive Officer of First of Huron Corp., stated, "I am proud of the Bank our team has built and the positive impact we have had on the communities we serve. We believe this transaction offers benefits to our customers and the communities we serve, value for our shareholders and opportunities for our employees. We are pleased to partner with Talmer Bancorp, an organization with a demonstrated commitment to the State of Michigan as well as our local communities in Michigan's "Thumb" region. We want to assure Signature Bank customers, shareholders and employees as we move through to the closing of the transaction that we will work transparently in making the transaction as smooth as possible."
"We are extremely pleased to announce the acquisition of First of Huron Corp. and Signature Bank," commented David Provost, President and Chief Executive Officer of Talmer Bancorp. "Signature Bank's eight offices and more than a century of service in the Southeast Michigan market are a great complement to our existing footprint. This opportunity is consistent with our strategic focus of strengthening market concentration in our existing markets and allows us to leverage our existing capital and provide a broad array of deposit and lending products throughout Signature Bank's footprint."
Under the terms of the Agreement, which has been unanimously approved by the boards of directors of both companies, each holder of outstanding shares of common stock of First of Huron Corp. will receive cash consideration totaling $25.00 per common share. After the closing of the transaction, First of Huron Corp. will merge into Talmer Bancorp and Signature Bank will merge into Talmer Bancorp's wholly-owned bank subsidiary, Talmer Bank and Trust. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and the approval of the shareholders of First of Huron Corp. The transaction is expected to close in the fourth quarter of 2014 or the first quarter of 2015.
First of Huron Corp. was advised by the investment banking firm of Austin Associates, LLC. and the law firm of Shumaker, Loop & Kendrick, LLP. Talmer Bancorp, Inc. was represented by the law firm of Nelson Mullins Riley & Scarborough LLP.
About Talmer Bancorp, Inc. Headquartered in Troy, Michigan, Talmer Bancorp, Inc. is the holding company for Talmer Bank and Trust and Talmer West Bank. These banks, operating through branches and lending offices in Michigan, Ohio, Wisconsin, Indiana, Nevada and Illinois, offer a full suite of commercial and retail banking, mortgage banking, wealth management and trust services to small and medium-sized businesses and individuals.
About First of Huron Corporation First of Huron Corp. headquartered in Bad Axe, Michigan is the holding company for Signature Bank. The bank has 8 branches serving Michigan's lower peninsula "Thumb Region."
Talmer Bancorp, Inc. Board of Directors Announcement (11/21/14)
TROY, Mich., Nov. 21, 2014 /PRNewswire/ -- (NASDAQ TLMR) Talmer Bancorp, Inc. announced today that Wilbur L. Ross, Jr. has resigned from its Board of Directors. Talmer's Board is scheduled to meet in December 2014 to address the vacancy resulting from Mr. Ross' resignation. WL Ross & Co. intends to nominate Denny Kim to the Board at that time.
Mr. Kim is a Vice President at WL Ross & Co. and has worked closely with the Talmer team since WL Ross & Co.'s initial investment in the Company. Mr. Kim would replace Mr. Ross who has served on Talmer's Board since 2010.
"It has been an honor and privilege to have Mr. Ross as an active Board member but we have every confidence that upon official appointment, Mr. Kim will carry forward the valued contributions we have come to expect from Mr. Ross and WL Ross & Co.," said Gary Torgow, Chairman of Talmer Bancorp, Inc.
Mr. Ross resigned from the Board due to regulatory restrictions in the European Union which limit the number of directorships a bank officer may hold. Mr. Ross was recently appointed Vice Chairman of the Bank of Cyprus following a recent investment by WL Ross & Co. "I regret having to resign from the Board of Talmer Bancorp, along with several other companies with whom I have worked closely, but I am pleased to recommend Denny to the Board, and I am fully confident in his ability to contribute to Talmer's continued success. WL Ross & Co. and its affiliates remain a major shareholder of Talmer and I will continue to be engaged with this well-managed Company," said Mr. Ross.
Mr. Kim joined WL Ross & Co. in 2010 and is primarily responsible for investments in financial services companies. Prior to joining WL Ross & Co., Mr. Kim worked at J.C. Flowers & Co., a private equity firm focused exclusively on the financial services sector. Mr. Kim began his career in Credit Suisse First Boston's Investment Banking Division, where he advised on mergers, acquisitions and capital raising initiatives for financial institutions. Mr. Kim holds an M.B.A. from the Tuck School of Business at Dartmouth and a B.A. from Northwestern University.
About Talmer Bancorp, Inc.
Headquartered in Troy, Michigan, Talmer Bancorp, Inc. is the holding company for Talmer Bank and Trust and Talmer West Bank. These banks, operating through branches and lending offices in Michigan, Ohio, Indiana, Maryland, Nevada, and Illinois, offer a full suite of commercial and retail banking, mortgage banking, wealth management and trust services to small and medium-sized businesses and individuals. For more information, please visit www.talmerbank.com.
Troy-based Talmer Bank would be absorbed into Chemical Bank later this year under a proposed $1.1-billion merger deal to create the largest Michigan-headquartered bank in the state.
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