Hartland-based Town Bank has acquired Talmer Bancorp.’s 11 Wisconsin Talmer Bank and Trust branches.
According to an SEC filing, Town Bank, a subsidiary of Rosemont, Ill.-based Wintrust Financial Corp., will pay about $13.5 million more than the net book value of Talmer’s assets.
Troy, Mich.-based Talmer Bancorp has about $360 million in deposits in Wisconsin as of March 31, which Town Bank will assume.
The transaction will eliminate about $1 million of Talmer’s core deposit intangibles related to the deposits sold. None of Talmer’s loans will be sold to Town Bank.
Talmer expects it will incur about $1 million in expenses related to the transaction, which is expected to be completed in the third quarter, subject to regulatory approval.
Talmer’s employees will continue operating its Wisconsin branches until the transaction is completed.
“This transaction presents a great opportunity to expand our presence in southern Wisconsin,” said Edward Wehmer, president and chief executive officer of Wintrust. “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.”
Talmer purchased the Wisconsin branches through a Federal Deposit Insurance Corp. transaction in November 2010. The bank had two branches in Burlington, two branches in Lake Geneva and branches in Kenosha, Albany, Darlington, Walworth, Monroe, Wind Lake and Genoa City.
“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,” said David Provost, president and CEO of Talmer Bancorp. “This divestiture is in line with our long-term plans and allows us to focus on our core banking franchise.”
Talmer Bancorp. also operates branches in Michigan, Ohio, Indiana and Illinois.
Earlier this week, Town Bank acquired the Pewaukee branch of THE National Bank, gaining about $40 million in deposits and $90 million in performing loans, the branch and its property and other assets. That transaction is also slated to close in the third quarter.
