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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: First Michigan Bancorp, Inc.
Actual Acquirer: Talmer Bank and Trust
Target: Community Central Bank
Seller: FDIC
Deal Type: Government Assisted
Type of Govt Assisted Transaction: Purchase/ Assumption
Agreement Date4/29/2011
Announcement Date4/29/2011
Date Placed in Conservatorship4/29/2011
Estimated Cost to Reg Agency ($000)123,649
Cost to Reg Agency/ Deposits (%)32.09
Cost to Reg Agency/ Assets (%)25.96
Assets Sold/ Assets (%)84.42
Deal Summary
Troy, Mich.-based First Michigan Bancorp Inc. unit Talmer Bank & Trust has agreed to assume certain deposits and to purchase certain assets of Mount Clemens, Mich.-based Community Central Bank. Community Central Bank had total core deposits of approximately $294.5 million as of December 31, 2010. Community Central Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in Michigan.
Deal Terms
Description of Consideration
First Michigan Bancorp Inc. paid the FDIC a premium of 0.25% to assume certain deposits of Community Central Bank. First Michigan Bancorp Inc. also purchased certain assets of the failed bank at a certain discount.
Assets Sold in Resolution ($000)402,139
Deposits Transferred ($000)302,331
Deposits Liquidated ($000)83,019
Premium Paid ($000)756
Deal Financials
Total Assets at Assumption ($000)476,334
Total Deposits at Assumption ($000)385,350
Core Deposits at Assumption ($000)294,534

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