TROY — Talmer Bancorp Inc. today announced that it has completed its previously announced purchase of Warren, Ohio-based First Place Bank from First Place Financial Corp. Talmer’s total investment of more than $200 million was used to purchase First Place and to recapitalize First Place in order to satisfy regulatory capital requirements and strengthen First Place’s balance sheet.
“First Place Bank has a strong community banking culture, local market knowledge and solid customer relationships. By combining those qualities with Talmer’s financial strength and commitment to helping communities grow and prosper, we have bolstered a valuable banking institution that will continue benefiting local customers, neighborhoods and communities,” said David T. Provost, president and CEO, Talmer Bancorp.
Talmer also announced that Thomas C. Shafer, vice chairman of Talmer, was named president and CEO of First Place and Dennis L. Klaeser, chief financial officer of Talmer will serve as CFO of First Place. Shafer has held a variety of leadership and executive positions in community banking and commercial lending for the past 32 years. Klaeser has extensive experience in a range of leadership positions in banking, finance and investment banking.
With the First Place acquisition, Talmer Bancorp has approximately $4.5 billion in assets and $3.9 billion in deposits pending final determination of purchase accounting adjustments in its two subsidiary banks: Talmer Bank and Trust, which operates 45 banking and lending offices in Michigan, Wisconsin, and Illinois, and First Place which has 41 banking offices and 20 lending offices located primarily in the Midwest.
The sale was implemented under Section 363 of Chapter 11 of the U.S. Bankruptcy Code. First Place Financial Corp, parent company of First Place Bank, filed a Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware on October 29, 2012. Talmer Bancorp was the winning bidder approved by the Court, with the sale of First Place Financial Corp’s assets approved on Dec. 14, 2012. First Place Bank was not included in the Chapter 11 filing and its operations were not affected by the filing.