This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Independent Bank Corporation Receives Nasdaq Notification

IONIA, Mich., Dec. 23 /PRNewswire-FirstCall/ -- Independent Bank Corporation (Nasdaq: IBCP), a Michigan-based community bank, announced that it was notified by The Nasdaq Stock Market that the Company no longer meets the minimum $1.00 per share requirement for continued listing on The Nasdaq Global Select Market under Listing Rule 5450(a)(1). This notice does not result in the immediate delisting of the Company's common stock from The Nasdaq Global Select Market because the Company has a grace period of 180 calendar days under the listing rules, or until June 21, 2010, in which to regain compliance with the minimum bid price rule.

The deficiency letter, dated Dec. 21, 2009, states that if the bid price of the Company's common stock closes at or above $1.00 per share for at least 10 consecutive business days by June 21, 2010, Nasdaq will notify the Company that the matter will be closed. If the Company does not regain compliance by June 21, 2010, Nasdaq will notify the Company that its securities are subject to delisting, which delisting determination could be appealed by the Company.  Alternatively, the Company may be eligible for an additional grace period if it meets the initial listing standards, with the exception of bid price, of The Nasdaq Capital Market and the Company applies to transfer the listing of its common stock to The Nasdaq Capital Market.

The Company is evaluating its options following receipt of this notification and, where possible and deemed in the best interests of the Company and its shareholders, currently intends to take appropriate actions in order to retain the listing of its common stock on the Nasdaq stock market.

About Independent Bank Corporation

Independent Bank Corporation (Nasdaq Symbol: IBCP) is a Michigan-based bank holding company with total assets of approximately $3 billion.  Founded as First National Bank of Ionia in 1864, Independent Bank Corporation now operates over 100 offices across Michigan's Lower Peninsula through one state-chartered bank subsidiary.  This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and title services.  Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
IBCP $12.84 -1.20%
AAPL $128.95 -0.32%
FB $80.15 0.69%
GOOG $572.95 -0.12%
TSLA $199.26 -0.15%

Markets

DOW 18,114.33 -89.04 -0.49%
S&P 500 2,097.23 -10.55 -0.50%
NASDAQ 4,965.1730 -14.7280 -0.30%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs