WL Ross agrees to sell all 9.66 million shares of its Talmer stock
By Marisa Wong
Morgantown, W.Va., Aug. 26 – Talmer Bancorp, Inc. announced pricing of a secondary offering. Funds affiliated with WL Ross & Co. LLC agreed to sell 9,664,579 shares of their Talmer class A common stock at $14.95 per share in an underwritten public offering, according to a press release.
The price per share reflects a 6.27% discount to the Aug. 24 closing share price of $15.95.
Keefe, Bruyette & Woods, Inc. is acting as underwriter.
WL Ross will receive all of the proceeds from the offering and will no longer own any shares of Talmer stock.
The offering is expected to close on Aug. 31.
Talmer said it will repurchase 5,077,000 shares in the offering at a price per share equal to that being paid by the underwriter to the selling shareholders.
Based in Troy, Mich., Talmer is the holding company for Talmer Bank and Trust. Its subsidiary bank has branches and lending offices in Michigan, Ohio, Illinois, Indiana, Maryland and Nevada.
| Issuer: | Talmer Bancorp, Inc.
|
| Issue: | Class A common stock
|
| Amount: | $144.49 million (approximate)
|
| Shares: | 9,664,579
|
| Price: | $14.95
|
| Warrants: | No
|
| Underwriter: | Keefe, Bruyette & Woods, Inc.
|
| Pricing date: | Aug. 25
|
| Settlement date: | Aug. 31
|
| Stock symbol: | Nasdaq: TLMR
|
| Stock price: | $15.95 at close Aug. 24
|
| Market capitalization: | $1.12 billion
|
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