Independent Bank to redeem 8.25% trust preferreds on Oct. 11

By Marisa Wong

Madison, Wis., Sept. 11 - Independent Bank Corp. announced that IBC Capital Finance II will redeem all of its outstanding 8.25% trust preferred securities on Oct. 11. The total principal amount of the outstanding trust preferreds is $9.2 million, according to a press release.

The redemption price is par of $25 per trust preferred, along with accrued distributions to the redemption date.

The redemption is expected to result in an $800,000 annual reduction of interest expense.

The bank holding company will fund the redemption using proceeds from a recently announced public offering of common stock.

Independent Bank is based in Ionia, Mich.

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