Thursday, January 08, 2015TROY, Mich. -- Having obtained all regulatory approvals, Talmer Bancorp Inc.’s acquisition of First of Huron Corp., will close Feb. 6, the companies announced today.
Shareholders of First of Huron, holding company of Signature Bank, approved the purchase last month. Talmer was to pay $13.4 million when the acquisition was announced last August.
First of Huron, based in Bad Axe, is the holding company of Signature Bank that has eight offices in lower Michigan. The bank, which reported $228.2 million in assets at the end of the second quarter last summer, was founded in 1981. It also reported a net loss of $135,000.
Signature Bank has been operating since Jan. 27, 2011, under a consent order with the Federal Deposit Insurance Corp. and the Michigan Office of Financial and Insurance Regulation. The consent order precluded First of Huron from paying dividends.
When the acquisition was announced last August, shareholders of First of Huron were to receive $25 per common share.
Talmer Bank and Trust, which has some 15 offices in the Mahoning Valley, had $5.7 billion in assets at Sept. 30.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.