Shares of Talmer Bancorp Inc, backed by billionaire investor Wilbur Ross, rose as much as 7 percent in their U.S. market debut, valuing the company at about $971 million. Talmer's initial public offering raised about $203 million after its Class A shares were priced at $13 per share, near the lower end of its $12.50-$14.50 expected pricing range.Of the 15.6 million shares on offer, Talmer sold 3.7 million shares, while the rest came from selling shareholders.The Troy, Michigan-based lender's shares opened at $13.75 and touched a high of $13.88 on the Nasdaq on Wednesday. The stock was up about 5 percent at $13.62 in early trading.Talmer is focused on the U.S. mid-western market, with 94 branches in Michigan, Ohio, Indiana, Wisconsin, Illinois, Nevada and New Mexico.
The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank (the Bank). Shares of TBBK traded higher by 0.89% or $0.17/share to $19.17. In the past year, the shares have traded as low as $12.10 and as high as $19.86. On average, 170618 shares of TBBK exchange hands on a given day and today's volume is recorded at 9003.
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