Independent Bank Corporation Announces $86 Million Public Offering Of Common Stock

 Independent Bank Corporation Announces $86 Million Public Offering Of Common

PR Newswire

IONIA, Mich., Aug. 19, 2013

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.

The offering may only be made by means of a prospectus. 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.

About Independent Bank Corporation

Independent Bank Corporation (Nasdaq Symbol: 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:

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 the expected use of the proceeds received from the offering
described herein, 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

Contact: W. Brad Kessel, President, 616.447.3933, Robert Shuster, Chief
Financial Officer, 616.522.1765
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