The strong backing from shareholders at both banks came as no surprise to Greg Roberts, a partner at advisory firm Van Conway & Partners LLC in Birmingham.
Talmer had assets of about $6 billion and faced limited growth prospects within its existing footprint, especially the “very highly competitive market” in Southeast Michigan, Roberts said. In turn, Talmer would become part of a growing institution that’s positioned statewide. The relative lack of redundancy in the branch network of the two banks makes the merger “a pretty good deal,” he said.
“The footprints overlay nicely,” he said. “It makes a ton of sense.”