Investment Banking - Independent Bank Corporation

Transactions | Banking

Client: Independent Bank Corporation
Industry: Banking
Transaction Type: Common Stock Offering
Role: Co-Manager

  • 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.