Independent Bank starts exchange for four series of trust preferreds

By Jennifer Chiou

New York, April 23 - Independent Bank Corp. announced the start of an offer to issue up to 180.2 million new common shares in exchange for the following series of trust preferred securities:

• $50.6 million liquidation amount of 8.25% cumulative trust preferreds issued by IBC Capital Finance II with a total exchange value of $22.65 per $25.00 preferred, including an early tender premium of $1.25;

• $12 million liquidation amount of floating-rate trust preferreds issued by IBC Capital Finance III with a total exchange value of $861.11 per $1,000 preferred, including an early tender premium of $50.00;

• $20 million liquidation amount of floating-rate trust preferreds issued by IBC Capital Finance IV with a total exchange value of $864.54 per $1,000 preferred, including an early tender premium of $50.00; and

• $7.5 million liquidation amount of floating-rate trust preferreds issued by Midwest Guaranty Trust I with a total exchange value of $871.26 per $1,000 preferred, including an early tender premium of $50.00.

The Ionia, Mich.-based bank holding company said that it will issue a number of shares per preferred with a dollar value equal to the exchange amount noted above for that series.

The offer is set to end at 11:59 p.m. ET on June 1. The early tender deadline is May 17.

D.F. King & Co., Inc. is the information agent (800 431-9643 or call collect 212 269-5550).

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