Talmer Completes Its Acquisition of First Place
"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 is pleased to welcome the employees and customers of First Place Bank, which will continue to operate under its current name and brand."
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, the company said.
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 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 Oct. 29. Talmer was the winning bidder, with the sale of First Place Financial Corp's assets approved Dec. 14. First Place Bank was not included in the Chapter 11 filing and its operations were not affected by the filing.
Source: Talmer Bancorp Inc.
Published by The Business Journal, Youngstown, Ohio.