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Wilbur Ross-Backed Talmer Bank Seeks Up to $226 Million in IPO

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Jan. 31 (Bloomberg) -- Talmer Bancorp Inc., the Midwestern lender backed by Wilbur Ross, is seeking as much as $226 million in an initial public offering.

The company and selling shareholders including WL Ross & Co., are offering 15.6 million Class A shares for $12.50 to $14.50 apiece, according to a regulatory filing today. At the high end of the range, Troy, Michigan-based Talmer would have a market value of more than $1 billion.

Talmer has acquired six banks since April 2010, with the latest being Michigan Commerce Bank this month, the filing showed. With 94 branches, the company had $4.7 billion in assets at the end of September.

Ross acquired a stake in Talmer through private placements in 2010 and 2012, and will own 18 percent after the offering, the filing showed. David Einhorn’s Greenlight Capital LLC and Goldman Sachs Group Inc. are also selling shares.

Keefe, Bruyette & Woods, a subsidiary of Stifel Financial Corp., is managing the offering with JPMorgan Chase & Co. Talmer has applied to list on the Nasdaq Stock Market under the symbol TLMR.

To contact the reporter on this story: Leslie Picker in New York at lpicker2@bloomberg.net

To contact the editor responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net

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