Banks often draw investor ire when they overpay for an acquisition, but Talmer Bancorp got an earful Tuesday after a pair of analysts accused the Troy, Mich., company of underselling itself.

The $6.6 billion-asset company agreed to sell to Chemical Financial in Midland, Mich., for $1.1 billion in cash and stock. Several analysts were upset that Talmer chose to negotiate privately with the $9.2 billion-asset Chemical rather than staying independent or staging an auction.

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