Independent Bank Corporation Announces Extension Of Exchange Offer For Trust Preferred Securities
IONIA, Mich., May 28 /PRNewswire-FirstCall/ -- As previously announced, Independent Bank Corporation (Nasdaq: IBCP), the holding company of Independent Bank, a Michigan-based community bank ("we," "us" or the "Company"), has made an offer to exchange up to 180,200,000 newly issued shares of its common stock for properly tendered and accepted trust preferred securities issued by IBC Capital Finance II (Nasdaq: IBCPO), IBC Capital Finance III, IBC Capital Finance IV, and Midwest Guaranty Trust I (the "Exchange Offer"). The Exchange Offer has been made pursuant to a prospectus and related letter of transmittal, which are part of a registration statement that we have filed with the Securities and Exchange Commission ("SEC").
The Expiration Date and the Early Tender Premium Deadline for each trust preferred security accepted in accordance with the terms of the Exchange Offer, previously scheduled for 11:59 p.m., Eastern time, on Tuesday, June 1, 2010, have each been extended to 11:59 p.m., Eastern time, on Tuesday, June 22, 2010, unless further extended or earlier terminated by us. Except for the extension of the Expiration Date and the Early Tender Premium Deadline, the terms and conditions of the Exchange Offer are unchanged.
We believe a high level of participation in the Exchange Offer by holders of trust preferred securities issued by IBC Capital Finance II (Nasdaq: IBCPO) is critical to our ability to successfully implement our capital restoration plan. We continue to exercise our right to defer quarterly payments on all of our trust preferred securities and do not anticipate resuming such payments at any time in the near future, regardless of the level of participation in the Exchange Offer or the timing of completion of the Exchange Offer. Our capital restoration plan and the importance to us of the Exchange Offer are described in the prospectus sent to holders of the trust preferred securities.
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