IONIA, Mich., Aug. 19, 2013 /PRNewswire/ -- Independent Bank Corporation (Nasdaq: IBCP) announced today that it has commenced an underwritten public offering of $86 million of its common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock sold pursuant to this transaction to cover over-allotments, if any. All of the shares are being offered by the Company. 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 $81 million 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. 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. The offering will be made under the Company's registration statement initially filed with the Securities and Exchange Commission on Aug. 9, 2013. 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.
Looking at the universe of stocks we cover at Dividend Channel, on 2/4/15, Independent Bank Corporation will trade ex-dividend, for its quarterly dividend of $0.06, payable on 2/17/15. As a percentage of IBCP's recent stock price of $12.34, this dividend works out to approximately 0.49%.