Talmer Bancorp Inc, backed by billionaire investor Wilbur Ross, priced its initial public offering of common shares at between $12.50 and $14.50 per share, valuing the company at up to $1 billion. The offering of 15.6 million shares would raise up to $226 million.Ross, who also serves on the board of Talmer, has a stake of more than 24 percent in the bank holding company through WL Ross & Co.Manulife Asset Management (US) LLC and David Einhorn's hedge fund Greenlight Capital Inc are the other notable shareholders with a stake of more than 5 percent each in the company.Talmer has three subsidiary banks - Talmer Bank and Trust, First Place Bank, and Talmer West Bank.
The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank (the Bank). Shares of TBBK traded higher by 1.21% or $0.23/share to $19.17. In the past year, the shares have traded as low as $11.68 and as high as $19.86. On average, 176758 shares of TBBK exchange hands on a given day and today's volume is recorded at 239885.
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