Investment Banking - Independent Bank Corporation
Transactions | Banking
Client: Independent Bank Corporation
Transaction Type: Common Stock Offering
- Independent Bank Corporation (NASDAQ:IBCP) is the holding company for Ionia, Michigan-based Independent Bank. The Bank operates 71 branches across the lower peninsula of Michigan.
- As of June 30, 2013, the Company had $2.1 billion in assets and tangible common equity of $118.8 million.
- During the financial crisis, the Company’s non-performing assets to assets reached over 9% and tangible common equity to assets fell below 1% in 2011.
- The Company has repositioned its core franchise, dramatically improved its asset quality, deleveraged its balance sheet, and after six consecutive quarters of profitability, the Bank was able to recover its $57.6 million deferred tax asset.
- The Company raised $102.5 million with the full exercise of the underwriters’ over-allotment option.
- IBCP will use the proceeds of the offering to redeem TARP preferred stock and related warrant held by the Treasury at a discount, netting a gain upon redemption.
- Boenning acted as Co-Manager in connection with the offering.