Talmer’s Wisconsin branches to be sold to
Town Bank 

Special to The Freeman

April 9, 2014

HARTLAND – Talmer Bancorp, Inc. announced Wednesday it has entered into an agreement to sell its 11 Wisconsin branches to Hartland-based Town Bank, a wholly owned bank subsidiary of Wintrust Financial Corporation.

The sale price will be approximately $13.5 million more than the net book value of the assets, according to the announcement.

Town Bank will assume all of Talmer’s deposits in Wisconsin, according to the announcement, which as of March 31, were approximately $360 million. Talmer will not sell any loans to Town Bank in transaction, which is expected to be completed in the third quarter of 2014, subject to regulatory approval and other customary terms and conditions, according to the announcement.

The transaction will result in the elimination of approximately $1 million of Talmer’s core deposit intangibles related to the deposits sold. Talmer expects to incur approximately $1 million in expenses related to the transaction, according to the announcement.