Talmer sheds Wisconsin branches, announces Michigan acquisition

Talmer Bancorp, Inc., Troy, Mich., announced that it will acquire First of Huron Corp., Bad Axe, Mich., for $13.4 million in an all-cash transaction..Two days after announcing the deal, Talmer finalized the sale of its 11 Wisconsin branches to Wintrust Financial Corporation, Rosemont, Ill. Nine of the branches will become part of Wintrust's Town Bank, Hartland, Wis., while the Kenosha and Genoa City, Wis., offices will become part of Wintrust's State Bank of the Lakes, Antioch, Ill..The $5.4 billion Talmer originally acquired the branches as part of an FDIC-facilitated transaction when First Banking Center, Burlington, Wis., failed in November 2010..Talmer's acquisition of the $233 million First of Huron is expected to close late this year or early next year. First of Huron's Signature Bank has eight locations in eastern Michigan.."We are extremely pleased to announce the acquisition of First of Huron Corp. and Signature Bank," said David Provost, Talmer's president and CEO. "Signature Bank's eight offices and more than a century of service in the Southeast Michigan market are a great complement to our existing footprint.".First of Huron Corp. was advised by the investment banking firm of Austin Associates, LLC, and the law firm of Shumaker, Loop & Kendrick, LLP. Talmer Bancorp, Inc. was represented by the law firm of Nelson Mullins Riley & Scarborough LLP.