TROY, Mich. (AP) — Talmer Bancorp Inc. has raised approximately $202.8 million from an initial public offering of about 15.6 million shares.
The offering priced at $13 per share, within the projected range of $12.50 to $14.50 per share.
Talmer — the holding company for Talmer Bank and Trust and Talmer West Bank — offered 3.7 million shares. Certain selling stockholders offering 11.9 million shares.
The selling stockholders are giving the underwriters a 30-day option to buy up to an additional 2.3 million shares to cover any excess demand.
Talmer anticipates about $42.5 million in proceeds, after deducting underwriter discounts and commissions and estimated offering expenses. The Troy, Mich. company won't receive any proceeds from shares sold by the selling stockholders.
The shares are expected to trade on the Nasdaq Capital Market on Wednesday under the "TLMR" ticker symbol.
The offering is targeted to close on Friday.