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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Sunday, January 28, 9:44 AM

Slide #290. Independent Bank Corporation Preferred Stock Offering

Company: Independent Bank Corporation (NASDAQ:IBCP)
Date announced: 8/19/2013
$Amount Offered: $11,500,000
Date of Pricing: 8/23/2013
Price Per Share: $7.75
Preferred Stock Offering Details: Independent Bank Corporation announced that it has commenced an underwritten public offering of $86 million of its common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock sold pursuant to this transaction to cover over-allotments, if any. All of the shares are being offered by the Company. The Company intends to use the net proceeds from this offering to redeem all of the shares of its Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series B (including all accrued and unpaid dividends) and related Warrant, both issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program, for an aggregate payment of $81 million pursuant to the terms and conditions of the previously announced Securities Purchase Agreement, dated July 26, 2013, between the Company and the U.S. Department of the Treasury. The Company intends to use any remaining net proceeds for general corporate purposes. -- updated 8/23 - Independent Bank Corporation (NASDAQ: IBCP) ("Independent" or the "Company") announced the pricing of an underwritten public offering of 11,500,000 shares of its common stock at a price of $7.75 per share. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of common stock sold pursuant to this transaction to cover over-allotments, if any.

Independent Bank is a bank holding company. Through its Independent Bank subsidiary, Co. is engaged in commercial banking, providing a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. Most of Co.'s bank's branches provide lobby and drive-thru services, and automatic teller machines. In addition, Co. provides internet and mobile banking capabilities to its customers. Co.'s bank also provides title insurance services and investment and insurance services. At Dec 31 2016, Co. had total assets of $2.55 billion and deposits of $2.23 billion.
Open the IBCP Page at Ru Back Packer »

Name: Independent Bank Corporation (Ionia, MI)
Sector: Banking & Savings
Number of ETFs Holding IBCP: 21 (see which ones)
Total Market Value Held by ETFs: $23,011,820
Total Market Capitalization: $496,000,000
% of Market Cap. Held by ETFs: 4.64%

Open the IBCP Page at Ru Back Packer (in a new window) »

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