Wilbur Ross-backed Talmer Bancorp files for $230M IPO in the US

By VCPOST Staff Reporter

Jan 10, 2014 06:57 PM EST

Talmer Bancorp Inc filed with US regulators for a $230-million initial public offering (IPO) of common stock. The company is baked by American billionaire Wilbur Ross, according to Reuters.

In a preliminary prospectus, the firm told the US Securities and Exchange Commission (SEC) that JP Morgan and Keefe, Bruyette & Woods were the underwriters of the IPO, the report said.

Notable shareholders in the firm with more than 5% holding include Manulife Asst Management (US) LLC and Greenlight Capital Inc, David Einhorn's hedge fund. Ross, who is on the board, holds more than 24% of the bank holding company through WL Ross & Co, the report detailed.

In a Friday filing, Talmer said net proceeds from the IPO will be used for debt repayment and general corporate purposes, the report added.

The filing did not disclose the number of shares Talmer planned to sell or the expected price. The firm plans to get a listing on the Nasdaq under the ticker symbol "TLMR," Reuters reported.

The filing did not reveal how many shares the company planned to sell or their expected price. The company intends to list its common stock on the Nasdaq under the symbol "TLMR."

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