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Troy-based Talmer Bancorp Inc., one of the fastest-growing banks in the Midwest, has agreed to buy the remaining assets of the long-troubled Lansing-based Capitol Bancorp Ltd. in a federal bankruptcy proceeding.
Talmer has agreed to buy the stock of Capitol's (OTCQB: CBCRQ) remaining entities, the Bank of Las Vegas, Indiana Community Bank, Ann Arbor-based Michigan Commerce Bank and Sunrise Bank of Albuquerque, N.M.
According to filings with the U.S. Bankruptcy Court for the Eastern District of Michigan, Talmer agreed to pay $4.5 million in cash and deposit $2.5 million in an escrow account to cover post-petition administrative fees.
The deal should help Talmer in its bid to go public. President and CEO David Provost has declined to comment recently, but said in the past that he would like to take the bank holding company for Talmer Bank and Trust public later this year or early next year.
Bankruptcy Judge Marc Mclvor set Oct. 22 as the date she will set a date for the auction.
Capitol Bancorp has proposed a Nov. 7 deadline for competing bids...