Parent company of Bank of Las Vegas plans IPO of $230 million


Talmer Bancorp Inc., the company that recently acquired Bank of Las Vegas, now plans to become a public company.

Talmer filed for an initial public offering that it hopes will raise about $230 million. The price per share and number of shares to be offered have yet to be determined.

It is expected the IPO will occur before then end of February. Talmer will trade on the Nasdaq under the symbol TLMR.

“We seek to become a leading Midwest regional bank holding company by integrating and growing our existing operations,” the bank said in its filing. “We plan to achieve this through organic growth and the acquisition of additional banking franchises, including underperforming and undercapitalized banks and other complementary assets.”

In its filing with the U.S. Securities and Exchange Commission late Friday, the bank also said it planned to use the proceeds to pay debt of $35 million. Based in Troy, Mich., Talmer has 94 branches in Michigan, Ohio, Wisconsin, Indiana, Illinois, New Mexico and Nevada.

As of Sept. 30, Talmer had assets of about $4.7 billion. In October, Talmer bought the assets of Capital Bancorp Ltd. in a federal bankruptcy proceeding, including Bank of Las Vegas and its four branches

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.

 

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