TROY — Talmer Bancorp, Inc., parent company of Talmer Bank and Trust, today announced that it has successfully completed its merger with Lake Shore Wisconsin Corporation.
Prior to closing, Lake Shore spun off its wholly-owned subsidiary, Hiawatha National Bank to its shareholders. Lake Shore’s remaining assets consisted of cash and cash equivalents, of which, Talmer retained approximately $26 million following the merger. Many of Lake Shore’s shareholders elected to receive shares of Talmer stock in the transaction and are now shareholders of Talmer.
Two members of Lake Shore’s leadership team, Gary Collins and Hugh McLean, have taken management positions with Talmer Bank. Collins is a Vice Chairman responsible for retail banking, wealth management, administration, marketing, customer experience and integration and serves as a member of Talmer Bancorp’s Board of Directors. McLean is President of Talmer’s Wisconsin Region responsible for banking operations in that state.
“This transaction is significant on two fronts: First, Talmer received $26 million of additional equity capital, which is an encouraging endorsement of our growth and acquisition strategy; and second, we have two great veteran Midwestern bankers in Gary and Hugh permanently on our team. Their proven track records, leadership skills and experience in the type of relationship-driven, community-oriented approach we embrace can’t be underestimated, especially as we continue to prudently explore expansion opportunities throughout the Midwest,” said David T. Provost, President and Chief Executive Officer, Talmer Bancorp, Inc.
About Talmer Bancorp, Inc.
Talmer Bancorp, Inc. is headquartered in Troy Michigan and is the parent company of Talmer Bank and Trust. Talmer Bank provides highly personalized financial services to individuals, professionals and their businesses. The Bank has over $2.2 billion in assets and 55 locations in Michigan and Wisconsin. Long-term relationships are developed with clients by providing customized banking and investment solutions ideally suited to their evolving financial needs. More information is available by visiting the Bank’s website www.talmerbank.com.
SOURCE Talmer Bank and Trust