Independent Bank Corporation Announces Full Exercise Of Underwriters' Over-Allotment Option

    Independent Bank Corporation Announces Full Exercise Of Underwriters'
                            Over-Allotment Option

PR Newswire

IONIA, Mich., Sept. 10, 2013

IONIA, Mich., Sept. 10, 2013 /PRNewswire/ --Independent Bank Corporation
(NASDAQ: IBCP) ("Independent" or the "Company") today announced that the
underwriters for its recently announced public offering of common stock
exercised in full their over-allotment option to purchase an additional
1,725,000 shares of common stock at a price of $7.75 per share to the public.
The gross proceeds to the Company, before expenses, were approximately $13.4
million. The sale of these additional shares of common stock closed today,
which increases the total number of shares sold by the Company in the offering
to 13,225,000.

The Company intends to use a portion of the net proceeds from this closing to
cause the redemption of all of the outstanding trust preferred securities of
IBC Capital Finance II (NASDAQ: IBCPO) as soon as practicable in accordance
with the governing documents. The liquidation amount (excluding accrued
dividends) of such trust preferred securities is $9.2 million. The Company
expects to save approximately $0.8 million of interest expense annually as a
result of this redemption. The Company intends to use the remaining net
proceeds for general corporate purposes.

Keefe, Bruyette & Woods, a Stifel company, acted as the sole book-running
manager in the offering. Sandler O'Neill + Partners, L.P. and Boenning &
Scattergood, Inc. acted as co-managers for the offering.

A registration statement relating to the shares was declared effective by the
Securities and Exchange Commission ("SEC") on Aug. 22, 2013, and a prospectus
relating to the offering was filed with the SEC on Aug. 23, 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.

This offering was made by means of a prospectus. Copies of the prospectus may
be obtained from the SEC's Web site at: www.sec.gov. 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: 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 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

Website: http://www.ibcp.com
Contact: William B. (Brad) Kessel, President and CEO, 616.447.3933; Robert N.
Shuster, Chief Financial Officer, 616.522.1765
 
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