Talmer Bancorp Secures Investor Funding of $174 Million
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."