Wintrust and Talmer Announce Wisconsin Branch Transaction
April 09 2014 - 5:20PM
Talmer Bancorp, Inc. (Nasdaq:TLMR), and its subsidiary Talmer Bank
and Trust ("Talmer"), has entered into an agreement to sell its 11
branch offices in Wisconsin to Town Bank, a wholly owned bank
subsidiary of Wintrust Financial Corporation (Nasdaq:WTFC). Town
Bank will assume all of Talmer's deposits in Wisconsin. As of
March 31, 2014, Talmer's deposits in these markets were
approximately $360 million. Talmer will not sell any loans to
Town Bank in the transaction.
The banking offices will continue to be staffed by the current
employees and will operate normally through completion of the
transaction. Customers do not need to take any action in
connection with the transaction. The transaction is expected
to be completed in the third quarter of 2014, subject to regulatory
approval and other customary terms and conditions.
Edward J. Wehmer, President and Chief Executive Officer of
Wintrust, said, "This transaction presents a great opportunity to
expand our presence in southern Wisconsin. These locations
fill a gap between our Illinois branches and our Town Bank's
Milwaukee area branches. Talmer has a great community bank
franchise with a team of bankers that are committed to a high level
of customer service. We look forward to continuing to build
upon that franchise and providing its customers with Wintrust's
full array of products and services. We welcome Talmer's
employees and customers to the Wintrust family."
David Provost, President and Chief Executive Officer of Talmer
Bancorp, stated, "We have recently undertaken a strategic
assessment of all our markets including an evaluation of the best
opportunities to invest our capital resources and continue to
execute our growth plans. This divestiture is in line with our
long-term plans and allows us to focus on our core banking
franchise."
Mr. Provost continued, "We have been very pleased over the past
several years with the Wisconsin operations acquired in an FDIC
assisted transaction in November of 2010. The employees there
have been dedicated and have provided the highest level of customer
service. We are proud to have Town Bank as the purchaser, as
it has a similar strong commitment to customer service and is
excited to be able to expand their services in these
communities. Talmer will work closely and cooperatively with
them over the coming months in order to ensure a smooth transition
for all involved."
About Talmer Bancorp, Inc.
Headquartered in Troy, Michigan, Talmer Bancorp, Inc. is the
holding company for Talmer Bank and Trust and Talmer West
Bank. These banks, operating through branches and lending
offices in Michigan, Ohio, Indiana and Illinois, offer a full suite
of commercial and retail banking, mortgage banking, wealth
management and trust services to small and medium-sized businesses
and individuals.
About Wintrust Financial Corporation
Wintrust is a financial holding company with assets of
approximately $18 billion whose common stock is traded on the
NASDAQ Global Select Market. Built on the "HAVE IT ALL" model,
Wintrust offers sophisticated technology and resources of a large
bank while focusing on providing service-based community banking to
each and every customer. Wintrust operates fifteen community
bank subsidiaries with over 120 banking locations located in the
greater Chicago and Milwaukee market areas. Additionally, the
Company operates various non-bank business units including one of
the largest commercial insurance premium finance companies
operating in the United States and Canada, a company providing
short-term accounts receivable financing and value-added
out-sourced administrative services to the temporary staffing
services industry, a business unit engaging primarily in the
origination and purchase of residential mortgages for sale into the
secondary market throughout the United States, and companies
providing wealth management services.
Forward-Looking Information
Some of the statements in this joint press release of Wintrust
Financial Corporation and Talmer Bancorp, Inc. are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements
relating to the expected timing, completion and other effects,
including the transition of services, and the intent, belief or
current expectations of the banks, regarding the proposed
transaction. These forward looking statements are subject to
risks, uncertainties and other factors, such as the inability to
obtain the requisite regulatory approvals for the proposed
transaction and meet other closing terms and conditions, the
reaction to the transaction of the banks' customers, employees and
counterparties or difficulties related to the transition of
services, as well as additional risks and uncertainties contained
in the "Risk Factors" and the forward-looking statement disclosure
contained in each of Wintrust Financial Corporation's and Talmer
Bancorp, Inc.'s Annual Report on Form 10-K for the most recently
ended fiscal year, any of which could cause actual results to
differ materially from future results expressed or implied by those
forward-looking statements. All forward-looking statements
speak only as of the date of this press release. Neither
Wintrust Financial Corporation nor Talmer Bancorp, Inc. undertakes
any duty to update any forward-looking statement made herein.
CONTACT: Edward J. Wehmer, President and CEO
Wintrust Financial Corporation
(847) 939-9000
David A. Dykstra, COO
Wintrust Financial Corporation
(847) 939-9000
Dennis Klaeser, Chief Financial Officer
Talmer Bancorp, Inc.
(248) 649-2301
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