Key Developments: Independent Bank Corp (IBCP.O)

IBCP.O on Nasdaq

13.41USD
30 Jul 2014
Price Change (% chg)

$0.29 (+2.21%)
Prev Close
$13.12
Open
$13.16
Day's High
$13.47
Day's Low
$12.99
Volume
134,741
Avg. Vol
165,915
52-wk High
$14.25
52-wk Low
$7.35

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Latest Key Developments (Source: Significant Developments)

Independent Bank Corp announces quarterly cash dividend on common stock
Tuesday, 22 Jul 2014 05:05pm EDT 

Independent Bank Corp:Declares a quarterly cash dividend on its common stock of six cents per share.Payable on Aug. 15 to shareholders of record on Aug. 5.  Full Article

Independent Bank Corp announces reinstitution of quarterly cash dividend on common stock
Wednesday, 16 Apr 2014 11:45am EDT 

Independent Bank Corp:Declared a quarterly cash dividend on common stock of $0.06 per share.Payable on May 15 to shareholders of record on April 30.  Full Article

Independent Bank Corp Announces Closing of Public Offering of Common Stock
Wednesday, 28 Aug 2013 11:18am EDT 

Independent Bank Corp announced the closing of an underwritten public offering of 11,500,000 shares of common stock at a price per share of $7.75. The gross proceeds to the Company, before expenses, were $89.1 million. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,725,000 shares of common stock pursuant to this transaction to cover any over-allotments. 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 $81.0 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 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.  Full Article

Independent Bank Corp Announces Pricing Of Public Offering Of Common Stock
Friday, 23 Aug 2013 06:05am EDT 

Independent Bank Corporation announced that 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. 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.  Full Article

Independent Bank Corp Announces $86 Million Public Offering Of Common Stock
Monday, 19 Aug 2013 06:30am EDT 

Independent Bank Corp 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% 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 August 9, 2013.  Full Article

Independent Bank Corp's Subsidiary Announces Completion Of Branch Sale Transaction
Monday, 10 Dec 2012 08:30am EST 

Independent Bank Corp announced that on December 7, 2012, its subsidiary bank, Independent Bank, closed on the transaction to sell 21 of its branches to Chemical Bank, headquartered in Midland, Michigan. The branches sold included 6 branch locations in the Battle Creek market area and 15 branch locations in Northeast Michigan. The transaction resulted in the transfer of approximately $405 million of deposits to Chemical Bank in exchange for the payment of a deposit premium of approximately $11.5 million. This represents a deposit premium of 4.0% on certain core deposits, 3.0% on other core deposits and 1.5% on certain "out of market" deposits. Chemical Bank also purchased (at a discount of 1.75%) certain loans totaling approximately $45 million, which were related to the sold branches. These amounts are subject to adjustment based on a final settlement that will occur prior to year end.  Full Article

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