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Nearly a year after calling off a stock sale that would have sharply diluted the value of its shares, Independent Bank in Ionia, Mich., said it would instead raise capital by selling off a batch of branches.
May 23 -
Shares for Independent Bank (IBCP) climbed Monday after the Ionia, Mich., company reported its second consecutive quarter of profitability from improved asset quality.
July 30 -
The $5.8 billion-asset holding company of Chemical Bank in Midland, Mich., said Monday it has completed its $8.1 million purchase of 21 branches from Independent Bank (IBCP) in Ionia, Mich.
December 10
Independent Bank (IBCP) in Ionia, Mich., plans to raise up to $86 million through a common stock offering.
The $2.1 billion company said Monday that it will use the proceeds to exit the Troubled Asset Relief Program. Independent agreed in late July to pay the Treasury $81 million for the $72 million of preferred shares, plus accrued dividends, and warrants it issued through the Tarp in December 2008.
Independent said it will use any remaining funds from the offering for general corporate purposes. The offering began Monday and is underwritten by Keefe, Bruyette & Woods, which will have the option of buying an additional 15% of the shares sold.
Last year, Independent sold 21 branches to Chemical Financial (CHFC) in Midland, Mich., for $12.4 million.
