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The $5.8 billion-asset holding company of Chemical Bank in Midland, Mich., said Monday it has completed its $8.1 million purchase of 21 branches from Independent Bank (IBCP) in Ionia, Mich.
December 10 -
Independent Bank (IBCP) in Ionia, Mich., plans to raise up to $86 million through a common stock offering.
August 19
Independent Bank (IBCP) in Ionia, Mich., has raised $89 million as part of a plan to exit the Troubled Asset Relief Program.
The $2.1 billion-asset company said Wednesday that it sold 11.5 million shares of common stock at $7.75 each. The underwriters, Keefe, Bruyette & Woods, Sandler O'Neill and Boenning & Scattergood, can buy another 1.7 million shares within the next 30 days, Independent said.
Independent and the Treasury Department agreed last month that the bank would pay $81 million to retire its Tarp stock, unpaid dividends and warrant. Independent received $72 million through the program in December 2008. The company plans to use the remaining proceeds for general corporate purposes.
In December 2012,
