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.
This press release is neither an offer to purchase, nor a
solicitation of a tender of, the trust preferred securities or any
other securities. The Company is making the Exchange Offer only by,
and pursuant to the terms of, the prospectus and the related letter
of transmittal. The Exchange Offer is not being made in any
jurisdiction in which the making or acceptance thereof would not be
in compliance with the securities, blue sky or other laws of such
jurisdiction. None of the Company or its affiliates, the trustees
of the various trusts, the dealer manager for the Exchange Offer,
the exchange agent for the Exchange Offer, the information agent
for the Exchange Offer, or any advisors to the Company is making
any recommendation as to whether or not holders should tender their
trust preferred securities in the Exchange Offer.
Copies of the prospectus and letter of transmittal may be
obtained from D.F. King & Co.,
Inc., the information agent and exchange agent for the Exchange
Offer, at (800) 431-9643 or, for bankers and brokers, at (212)
269-5550 (Collect). The Company has filed a registration statement
(including the prospectus) on Form S-4 for the Exchange Offer with
the SEC. Before any holder of trust preferred securities decides
whether to participate in the Exchange Offer, the holder should
read the prospectus contained with the registration statement and
the letter of transmittal the Company has filed with the SEC for
more complete information about the Company and the Exchange Offer.
These documents may be obtained for free at the SEC's Web site,
www.sec.gov or on the Company's Web site at www.IndependentBank.com
under the "Investor Relations" tab.
About Independent Bank Corporation
Independent Bank Corporation (Nasdaq Symbol: IBCP) is a
Michigan-based bank holding
company with total assets of approximately $2.9 billion. Founded as First National
Bank of Ionia in 1864, Independent
Bank Corporation now operates over 100 offices across Michigan's Lower Peninsula through one
state-chartered bank subsidiary. This subsidiary (Independent
Bank) provides a full range of financial services, including
commercial banking, mortgage lending, investments and title
services. Independent Bank Corporation is committed to
providing exceptional personal service and value to its customers,
stockholders and the communities it serves.
For more information, please visit our Web site at:
www.IndependentBank.com
SOURCE Independent Bank Corporation