 |
Hold (2.00 out of 4)
100th percentile
|
|
|
 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Saturday, April 20, 4:58 AM
Slide #496. Independent Bank Corporation — Preferred Stock Offering
| Company: |
Independent Bank Corporation (NASDAQ:IBCP) |
| Date announced: |
8/19/2013 |
| $Amount Offered: |
$11,500,000 |
| Date of Pricing: |
8/23/2013 |
| Price Per Share: |
$7.75 |
| Preferred Stock Offering Details: |
Independent Bank Corporation announced 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. -- updated 8/23 - 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 $7.75 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. |
Independent Bank is a bank holding company. Through its subsidiary, Independent Bank (the bank), Co. transacts business in the single industry of commercial banking. Co. provides banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. Co.'s bank does not provide trust services. Co.'s principal markets are the rural and suburban communities across Lower Michigan. Majority of Co.'s bank's branches provide lobby and drive-thru services, as well as automatic teller machines. Co. also provides internet and mobile banking capabilities to its customers.
 Open the IBCP Page at Preferred Stock Channel »
| Name: |
Independent Bank Corporation (Ionia, MI) |
| Website: |
www.independentbank.com |
| Sector: |
Banking & Savings |
| Number of ETFs Holding IBCP: |
23 (see which ones) |
| Total Market Value Held by ETFs: |
$50,266,658 |
| Total Market Capitalization: |
$486,000,000 |
| % of Market Cap. Held by ETFs: |
10.34% |
|
Open the IBCP Page at Preferred Stock Channel (in a new window) »
|
|
Free IBCP Email Alerts:
