Talmer Bancorp Inc. in Troy, Mich., said Monday that it had completed its acquisition of Lake Shore Wisconsin Corp. in Glenwood City.
The $79.3 million-asset Lake Shore spun off its Hiawatha National Bank to its shareholders, before the deal closed. The $2.2 billion-asset Talmer ended up with about $26 million of Lake Shore's remaining assets, which consisted of cash and cash equivalents.
Talmer said in a press release that many of Lake Shore's shareholders elected to receive shares of Talmer stock as part of the transaction. Two former Lake Shore employees, Gary Collins and Hugh McLean, have taken management posts at Talmer Bank and Trust. Collins joined Talmer's board and became a vice chairman responsible for retail banking, wealth management, administration, marketing, customer experience and integration. McLean became the president of Talmer's Wisconsin region.
In April, Talmer Bank and Trust bought $476.3 million in assets of the failed Community Central Bank in Mount Clemens, Mich.