Talmer Bancorp in Troy, Mich., expects to raise $42.5 million in its initial public offering.
The $4.7 billion-asset Talmer is selling 15.6 million shares of common stock at $13 per share, according to a Tuesday press release. The company's selling shareholders will also give underwriters a 30-day option to purchase up to an additional 2.3 million shares to cover possible over-allotments. The offering is expected to close on Feb. 14.
Talmer's common stock began trading on the Nasdaq Wednesday under the symbol "TLMR".
Keefe, Bruyette & Woods and J.P. Morgan Securities acted as joint book-running managers for the initial public offering. Raymond James & Associates, RBC Capital Markets and Sterne, Agee & Leach are acting as co-lead managers and Sandler O'Neill & Partners is acting as co-manager for the initial public offering.
Talmer has 94 branches in Michigan, Ohio, Indiana, Wisconsin, Illinois, Nevada and New Mexico and 11 lending offices. The company completed its purchase of the $947 million-asset Michigan Commerce Bank in January.