First Huron Corp Bank Merging With Talmer Bancorp, Inc.

Talmer Bancorp, Inc., of Troy, expects to close its merger with First of Huron Corp. on Feb. 6.

First of Huron Corp. is a holding company for Signature Bank. It is based in Bad Axe and has eight branches in the Thumb.

"We're going to convert the weekend of Feb. 6," Will Oldford, Talmer Bank and Trust regional president, said. "The signs will change, we'll complete the merger, they will be on the Talmer Bank system that weekend, and that Monday everybody is going to open up Talmer bank."

According to a news release, the merger agreement was approved by First of Huron stockholders in December. Oldford did not know the total acquisition price, but said Talmer paid $25 a share.

"One of our strategic priorities is to continue to acquire other banks," he said.

He said the merger has been approved by the Federal Deposit Insurance Corp., the Federal Reserve and the state of Michigan

First of Huron had Signature Bank branches in Bad Axe, Sandusky, Harbor Beach, Port Hope, Caro, Sebewaing and Frankenmuth.

Oldford said Talmer will consolidate branches in Bad Axe and Sandusky.

"The Signature branch is across the street from a Talmer Bank branch in Sandusky, so we already announced we will be closing the Signature Bank in Sandusky," he said.

There are two Signature Banks in Bad Axe. The company will consolidate the two into a single Talmer Bank branch.

Oldford said all of the Signature Bank branch employees will be retained.

"Signature is a great franchise," he said. "It complements our footprint in the northeast region. The customer loyalty they have shown was the primary driver for this acquisition."

Talmer Bancorp, Inc., is the holding company for Talmer Bank and Trust and Talmer West Bank. The banks operate in Michigan, Ohio, Illinois, Indiana, Maryland and Nevada.