First Place Financial Will Sell Unti to Talmer Bancorp for $45M

First Place Financial Corp. announced today that it has reached an agreement to sell all of the common stock of its subsidiary, First Place Bank, to Talmer Bancorp, Inc., a well-capitalized bank holding company based in Troy, Michigan that operates 45 bank branches throughout the Midwest. Under the terms of an Asset Purchase Agreement, Talmer has agreed to purchase the stock of First Place Bank for $45 million. In addition, Talmer is expected to provide more than $200 million in capital to First Place Bank to satisfy regulatory capital requirements, strengthen the Bank's capital structure, and support lending activity.