- the Corporation receives appropriate approvals from the Federal Reserve;
- the Corporation issues its common stock in exchange for at least $40 million aggregate original liquidation amount of the Corporation's outstanding trust preferred securities;
- the Corporation raises at least $100 million in cash proceeds from the sale of its common stock to investors, other than the Treasury; and
- the Corporation makes the anti-dilution adjustments to the new, convertible preferred stock, if any, required by the terms of such new preferred stock.
Independent Bank Corporation Announces Exchange Transaction With U.S. Treasury
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