Aug. 23, 2013
/PRNewswire/ -- 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
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.
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
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.
The offering of common stock may be made only by means of a prospectus. Keefe, Bruyette & Woods, a Stifel company, is the sole book-running manager in the offering. Sandler O'Neill + Partners, L.P. and Boenning & Scattergood, Inc. are acting as co-managers for the offering.
A registration statement relating to the shares is effective with the Securities and Exchange Commission ("SEC"), and a prospectus relating to the offering has been filed with the SEC. Copies of the prospectus may be obtained from the SEC's Web site at:
. Alternatively, you may obtain copies of the prospectus by contacting Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor,
New York, NY
10019, telephone (800) 966-1559.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.