Talmer Bancorp’s bid to purchase First Place Bank approved

Talmer Bancorp’s bid to purchase First Place Bank approved

A U.S. Bankruptcy Court in Delaware has approved Michigan-based Talmer Bancorp’s bid to purchase First Place Bank, a subsidiary of First Place Financial Corp., which filed for bankruptcy in October.

With Judge Brendan L. Shannon’s decision, the only step remaining before Talmer pays $45 million for the bank, while also incurring $15 million in debt to its bondholders, will be final approval from regulators, a move Talmer’s Chief Financial Officer, Dennis Klaeser, expects to occur by year’s end.

First Place is expected to retain its name and a portion of its board members. Officials at First Place Financial Corp. have insisted that no significant changes will occur for the bank’s customers.

Talmer plans on injecting First Place with $205 million in capital.