IONIA, Mich., Sept. 13, 2013 /PRNewswire/ -- Independent Bank
Corporation (NASDAQ: IBCP) (the "Company") announced today that IBC
Capital Finance II will pay a dividend on its issued and
outstanding 8.25% trust preferred securities (NASDAQ: IBCPO) on
September 30, 2013. The amount
of the dividend is $9.65766 per
security, payable to holders of record on September 27, 2013. It includes all accrued
and unpaid dividends from the fourth quarter of 2009 through the
third quarter of 2013.
The payment of this dividend is preceded by the Company's
announcement on Aug. 29, 2013 that it
had brought current the interest payments that it had previously
been deferring on the Company's subordinated debentures issued to
IBC Capital Finance II (NASDAQ: IBCPO), IBC Capital Finance III,
IBC Capital Finance IV and Midwest Guaranty Trust I. It is
also preceded by the Company's announcement on Sept. 11, 2013 that all of the 8.25% trust
preferred securities (NASDAQ: IBCPO) will be redeemed on
October 11, 2013.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total
assets of approximately $2.1
billion. Founded as First National Bank of
Ionia in 1864, Independent Bank
Corporation currently operates a 71-branch network 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.
Any statements in this news release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Words such as "expect,"
"believe," "intend," "estimate," "project," "may" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are predicated on management's
beliefs and assumptions based on information known to Independent
Bank Corporation's management as of the date of this news release
and do not purport to speak as of any other date. Forward-looking
statements include descriptions of plans and objectives of
Independent Bank Corporation's management for future or past
operations, products or services, and forecasts of the Company's
revenue, earnings or other measures of economic performance. Such
statements reflect the view of Independent Bank Corporation's
management as of this date with respect to future events and are
not guarantees of future performance, involve assumptions and are
subject to substantial risks and uncertainties, such as the changes
in Independent Bank Corporation's plans, objectives, expectations
and intentions. Should one or more of these risks materialize or
should underlying beliefs or assumptions prove incorrect, the
Company's actual results could differ materially from those
discussed. Factors that could cause or contribute to such
differences include the ability of Independent Bank Corporation to
meet the objectives of its capital plan, the ability of Independent
Bank to remain well-capitalized under federal regulatory standards,
the pace of economic recovery within Michigan and beyond, changes in interest
rates, changes in the accounting treatment of any particular item,
the results of regulatory examinations, changes in industries where
the Company has a concentration of loans, changes in the level of
fee income, changes in general economic conditions and related
credit and market conditions, and the impact of regulatory
responses to any of the foregoing. Forward-looking statements speak
only as of the date they are made. Independent Bank Corporation
does not undertake to update forward-looking statements to reflect
facts, circumstances, assumptions or events that occur after the
date the forward-looking statements are made. For any
forward-looking statements made in this news release or in any
documents, Independent Bank Corporation claims the protection of
the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
SOURCE Independent Bank Corporation