Talmer Bancorp in Troy, Mich., has agreed to buy First of Huron Corp. in Bad Axe, Mich.

The $5.6 billion-asset Talmer said in a press release Wednesday that it will pay $13.4 million in cash for First of Huron, the parent of Signature Bank. The bank has $228 million in assets, including $172.3 million of loans.

The consideration represents about 117% of First of Huron's tangible book value. Talmer also said it would buy acquire and retire $3.5 million of outstanding subordinated debentures belonging to First of Huron and assume the seller's $5.2 million of trust-preferred securities.

Talmer said it expects the acquisition to be immediately accretive to earnings per share, excluding transaction and integration-related expenses. The deal is expected to close by the first quarter of next year.

Talmer also announced that its second-quarter earnings rose 37% from a year earlier, to $20.6 million.

Talmer, an aggressive and creative bank acquirer, held its initial public offering earlier this year.

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