First Place becomes Talmer
WARREN – First Place Bank will merge with Talmer Bank and Trust, taking on the Talmer name.
A charter consolidation has been under way since last month, and is spelled out in documents filed with the Securities Exchange Commission by Talmer Bancorp. of Troy, Mich.
In the SEC documents, Talmer Bancorp., a bank holding company that purchased First Place Bank assets early last year, was seeking approval to sell shares of Talmer in an Initial Public Offering. The company intends to sell 15,555,555 shares of Class A common stock.
First Place Bank operates 43 branches, most in the Trumbull-Mahoning County region. Until its takeover last year, the institution was based in downtown Warren.
Messages left with the banking regulatory agency in Michigan about the charter consolidation approval have not been returned, and a spokeswoman with the company has said she was banned from commenting due to the IPO filing. On Monday, the Talmer Bancorp. website contained the following post: “First Place Bank customers, welcome to the Talmer Bank & Trust family.” No further information was available.
Talmer had set a range for its IPO of about $13.50, expecting it to generate about $44.2 million after expenses.
In its SEC filing, Talmer said it plans to grow and acquire other banks to become a leading regional banking company in the Midwest. The company’s 2013 acquisition of First Place Bank was one of five acquisitions completed by Talmer between 2010 and 2013.
As of September, Talmer Bancorp.’s assets totaled about $4.7 billion.