BURLINGTON — The former First Banking Center here is now operating as the third different bank in less than four years.
The Burlington office at 400 Milwaukee Ave., which was most recently Talmer Bank and Trust, became a Town Bank branch the morning of Aug. 9, according to an employee who answered the phone Friday. Town Bank is a regional Wisconsin chain of banks in 15 communities, based in Hartland.
In April Rosemont, Ill.-based Wintrust Financial Corp. and Talmer Bancorp announced an agreement to sell 11 Talmer Bank and Trust branch offices in Wisconsin to Town Bank, a Wintrust subsidiary. That announcement, however, did not include a list of banks it was selling.
Town Bank assumed all of Talmer’s deposits in Wisconsin, totaling approximately $360 million at the time of the announcement. Talmer did not sell any loans to Town Bank in the transaction.
Wintrust and Talmer said in the April announcement the banking offices would continue to be staffed by the same employees.
According to Wintrust President and CEO Edward Wehmer in April’s announcement, the purchase of Talmer assets presented “a great opportunity to expand our presence in southern Wisconsin. These locations fill a gap between our Illinois branches and our Town Bank’s Milwaukee-branches.” Wintrust has Illinois banks but not under the Town Bank name.
Talmer said the divestiture would allow it to focus on its core banking franchise.
Talmer had bought the assets of the failed First Banking Center, then a Burlington-based bank with 17 branches and $750.7 million in assets.
Federal and state regulators came in at 6 p.m. on Nov. 19, 2010, and took over the 90-year-old bank which had been under orders by the Federal Reserve to improve its financial condition. First Michigan Bank of Troy, Mich., assumed all of the deposits and agreed to buy “essentially all” of the failed bank’s assets. The name First Michigan was later changed to Talmer Bank and Trust.
The local Town Bank also has a drive-up “mini-bank,” or kiosk, across the street from the bank at 100 E. Washington St.