Talmer Bancorp, Inc. and its subsidiary Talmer Bank and Trust has entered into an agreement to sell its 11 branch offices in Wisconsin to Town Bank, a wholly owned bank subsidiary of Wintrust Financial Corporation.
The Talmer Wisconsin branches are located in Darlington, Albany, Burlington, Genoa City, Kenosha, Lake Geneva, Monroe, Walworth, and Wind Lake.
Town Bank will assume all of Talmer’s deposits in Wisconsin, which as of March 31, were approximately $360 million. Talmer will not sell any loans to Town Bank in the transaction.
The banking offices will continue to be staffed by the current employees and will operate normally through completion of the transaction.
Customers do not need to take any action in connection with the transaction, which is expected to be completed in the third quarter of 2014, subject to regulatory approval and other customary terms and conditions.
Edward J. Wehmer, President and Chief Executive Officer of Wintrust, said, “This transaction presents a great opportunity to expand our presence in southern Wisconsin. These locations fill a gap between our Illinois branches and our Town Bank’s Milwaukee area branches. Talmer has a great community bank franchise with a team of bankers that are committed to a high level of customer service. We look forward to continuing to build upon that franchise and providing its customers with Wintrust’s full array of products and services. We welcome Talmer’s employees and customers to the Wintrust family.”
David Provost, President and Chief Executive Officer of Talmer Bancorp, stated, “We have recently undertaken a strategic assessment of all our markets including an evaluation of the best opportunities to invest our capital resources and continue to execute our growth plans. This divestiture is in line with our long-term plans and allows us to focus on our core banking franchise.”
Mr. Provost continued, “We have been very pleased over the past several years with the Wisconsin operations acquired in an FDIC assisted transaction in November of 2010. The employees there have been dedicated and have provided the highest level of customer service. We are proud to have Town Bank as the purchaser, as it has a similar strong commitment to customer service and is excited to be able to expand their services in these communities. Talmer will work closely and cooperatively with them over the coming months in order to ensure a smooth transition for all involved.”