Independent Bank Corporation Announces Redemption Of Certain Trust Preferred Securities

 Independent Bank Corporation Announces Redemption Of Certain Trust Preferred

PR Newswire

IONIA, Mich., Sept. 11, 2013

IONIA, Mich., Sept. 11, 2013 /PRNewswire/ -- Independent Bank Corporation
(NASDAQ: IBCP) ("Independent" or the "Company") today announced that IBC
Capital Finance II will redeem all of its issued and outstanding 8.25% trust
preferred securities (NASDAQ: IBCPO) on October 11, 2013. The aggregate
principal amount of the outstanding trust preferred securities is $9.2

The trust preferred securities are currently callable at the option of the
Company. The redemption will be funded with net proceeds from its recently
announced public offering of common stock. The redemption price is 100% of
the liquidation amount of $25 per trust preferred security, together with
accrued and unpaid distributions to the redemption date. The redemption is
expected to result in an annual reduction of interest expense for the Company
of $0.8 million.

Beginning on the redemption date, the trust preferred securities will no
longer be considered outstanding and distributions will no longer accrue on
such securities. The complete terms and conditions of redemption will be set
forth in the notice from the trustee, U.S. Bank National Association, to the
holders of the trust preferred securities.

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:

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: William B. (Brad) Kessel, President and CEO, 616.447.3933, or Robert
N. Shuster, Chief Financial Officer, 616.522.1765
Press spacebar to pause and continue. Press esc to stop.