Parent of Bank of Las Vegas prices IPO at between $12.50 to $14.50 per share
Talmer Bancorp Inc., parent company of Bank of Las Vegas, priced its initial public offering of common shares between $12.50 and $14.40. The price values the company at up to $1 billion.
The offering of 15.6 million shares will raise up to $210 million. It is expected the IPO will occur before the end of the month.
Talmer Bancorp, which was founded in 2007, is backed by billionaire Wilber Ross. Ross, who also serves on the board of the Troy, Mich.-based bank holding company, holds more than 24 percent in the company through WL Ross & Co.
The company plans to list on the Nasdaq under the symbol TLMR. Keefe Bruyette Woods and J.P. Morgan are underwriting the IPO.
Talmer has three subsidiary banks – Talmer Bank, First Place, and Talmer West Bank. Bank of Las Vegas, with four branches in Southern Nevada, is a division of Talmer Bank West, according to the company.
In a filing with the Securities and Exchange Commission, Talmer reported third-quarter earnings of 16 cents per share, on net income of $10.5 million, a modest increase from 13 cents a share on net income of $5.9 million for the same period in 2012.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.