Independent Bank Corporation Announces Interim Results Of Exchange Offer For Trust Preferred Securities
IONIA, Mich., June 4 /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").
As of 4:00 p.m., Eastern time, on June 4, 2010, 731,862 shares (which represents an aggregate liquidation amount of $18.3 million) of the trust preferred securities issued by IBC Capital Finance II (Nasdaq: IBCPO) had been tendered in connection with the Exchange Offer. These interim results are subject to change until the Expiration Date, which is 11:59 p.m., Eastern time, on Tuesday, June 22, 2010, unless extended or earlier terminated by us. D.F. King & Co., Inc. is acting as exchange agent and information agent for this transaction. For further details please contact D.F. King & Co., Inc. at (800) 431-9643 or, for bankers and brokers, at (212) 269-5550 (Collect).
Important Additional Information about the Exchange Offer
The complete terms and conditions of the Exchange Offer are set forth in a prospectus and letter of transmittal sent to holders of the trust preferred securities. Holders are urged to read these Exchange Offer documents carefully as they contain important information.
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