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Independent Bank Corp. (MI)
Ticker Symbol: IBCP CUSIP: 453838609 Previous CUSIP: 453838104 Exchange: NGS
Company's Online Profile
BUSINESS: Independent Bank Corporation is a Michigan-based bank holding company. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates 70 offices across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and title services
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Find All Related Securities for IBCP
Notes: 10/26/2009 -- The Company announced that effective Nov. 1, 2009, it has elected to defer regularly scheduled quarterly interest payments on its junior subordinated debentures (the "Debentures") and quarterly dividend payments on its Series A Preferred Stock (the "Preferred Stock"). The Debentures are owned by IBC Capital Finance II, III and IV and Midwest Guaranty Trust I (the "Trusts") and were funded by the Trusts' issuance of trust preferred securities ("Debt Securities"). The Preferred Stock was issued to the U.S. Treasury under the TARP CPP. The total estimated annual interest and dividends that would be payable on the Debentures (and the underlying Debt Securities) and the Preferred Stock, if not deferred, is approximately $9.0 million based on current interest rates. The terms of the Debentures and trust indentures (the "Indentures") allow for the Company to defer payment of interest on the Debt Securities at any time or from time to time for up to 20 consecutive quarters provided no event of default (as defined in the Indentures) has occurred and is continuing. The Company is not in default with respect to the Indentures, and the deferral of interest does not constitute an event of default under the Indentures. While the Company defers the payment of interest, it will continue to accrue the interest expense owed at the applicable interest rate. Upon the expiration of the deferral, all accrued and unpaid interest is due and payable.
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Small Cap Stock -
Market Value $450.02 Million
Click for current IBCP price quote from the NASDAQ
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 4200 East Beltline, Grand Rapids, MI 49525 |
| Main Phone Number |
616-527-5820 |
| Fax Number |
Not Available |
| Investor Contact (CFO)
Robert N. Shuster
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616-527-5820
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| Toll Free Phone Number |
888-355-0641 |
| CEO - William Bradford Kessel |
CFO - Robert N. Shuster |
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