Talmer Bancorp Secures Investor Funding of $174 Million



Published:

TROY -- Talmer Bancorp, Inc., holding company for Talmer Bank and Trust, a full-service community bank headquartered in Troy, Michigan, announced that it has secured commitments from private investors for up to $174 million of additional capital from the private placement of newly issued common stock. This capital will be used for general corporate purposes and to support growth in Talmer Bancorp's targeted Midwest markets.

The terms of commitments by the private investors, all of which are current investors, directors or employees of the company, include a completed funding of $21 million and provide for follow-on investments of up to $153 million. The additional capital may be drawn at Talmer Bancorp's discretion and may be used to support either organic growth or growth through strategic acquisitions in the Midwest.

"We are delighted to close this capital raise. It demonstrates our investors' confidence in the banking industry in our target markets as well as Talmer Bancorp's ability to execute its business plans," said David T. Provost, President and Chief Executive Officer of Talmer Bancorp and Talmer Bank and Trust. "The committed capital represents the best of both worlds to us. It eliminates the uncertainty of future capital availability by providing us access to a significant amount of incremental growth capital, and it allows us to pursue growth in a prudent manner without the burden of excess capital on our balance sheet."

Edit Module
Edit Module Edit Module
Edit ModuleShow Tags

Related Articles

Detroit Tigers Announce Partnership With Uber

With only two days until Tigers Opening Day at Comerica Park, the Detroit Tigers today announced a partnership with mobile ridesharing company Uber, naming them the team’s official ride-sharing company. This season, there will be a dedicated pick-up and drop-off zone for fans choosing to Uber to and from Comerica Park, located on the northbound side of the I-75 service drive, between John R and Brush Street.

Detroit Pistons and Henry Ford Health System Partner on Training, Rehab, and Sports Medicine Complex  

The Detroit Pistons and Henry Ford Health System today announced plans to build a new 100,000-square-foot training, rehabilitation, and sports medicine complex in Detroit’s New Center area. The site is bordered by Amsterdam Street, Second and Third Avenues, and a set of railroad tracks to the north. Construction is expected to begin this summer.

Ford Invests $1B in Argo AI, Works Towards Leading Autonomous Vehicle Market

Dearborn-based automaker Ford Motor Co. today announced a $1 billion investment in Pittsburgh-based Argo AI over the next five years, to develop a virtual driver system for the autonomous vehicle Ford has planned for 2021, and for potential licensing opportunities.

Meridian Winter Blast Set to Coincide With North American International Auto Show

The thirteenth annual Meridian Winter Blast, presented by Quicken Loans, has been moved up several weeks and is now scheduled to coincide with the final weekend of the North American International Auto Show — January 20-22.

Detroit Pistons to Move to Downtown in 2017, will Generate Additional $596.2M in Economic Impact

Agreements under which the Pistons will move to downtown Detroit and begin playing next season at the new Little Caesars Arena in The District Detroit, a $1.2 billion sports and entertainment development, have been announced today.
Edit ModuleShow Tags

Most Popular

  1. Birmingham’s Ford-Peabody Mansion to House Japanese-inspired Restaurant
    Adachi, a Japanese-inspired restaurant, is slated to open for dinner in the restored Ford...
  2. Massive $510M Dairy Campus to Open in 2020 North of Lansing
    Glanbia plc, a global nutrition group with a presence in 32 countries; Select Milk Producers...
  3. Michigan Grape and Wine Council Announces Winners of 2018 Wine Competition
    The Michigan Grape and Wine Industry Council today announced the winners of the 41st annual...
  4. Ford Rolls Out Wearable Technology Globally for Plant Workers Following Successful Tests
    Ford Motor Co. in Dearborn today announced it is rolling out a new wearable technology globally...
  5. Wayne County Prices Bonds to Finance Criminal Justice Center in Detroit
    On Wednesday, Wayne County priced bonds through the Michigan Finance Authority, raising $315...
  6. Oakland County Seeks Employers for Nearly $30M in 2019 New Training Funds
    Oakland County has announced that employers can apply for nearly $30 million in new training...