Independent Bank Corporation Announces Shareholder Approval to Acquire Traverse City State Bank
March 15 2018 - 4:39PM
Independent Bank Corporation (NASDAQ:IBCP), the parent company of
Independent Bank, with total assets of approximately $2.8 billion,
and TCSB Bancorp, Inc. (“TCSB”), the parent company of Traverse
City State Bank, with total assets of approximately $350 million,
previously announced the signing of a definitive merger agreement
on Dec. 4, 2017 for IBCP to acquire TCSB.
The proposed transaction has been approved by
TCSB shareholders with 99% of the votes received approving the
transaction. As previously announced the proposed transaction
has also been approved by both the Federal Reserve Bank of Chicago
and the Michigan Department of Insurance and Financial
Services. The merger of IBCP and TCSB is currently expected
to be effective on Apr. 1, 2018.
About Independent Bank
Corporation
Independent Bank Corporation (NASDAQ:IBCP) is a
Michigan-based bank holding company with total assets of
approximately $2.8 billion. Founded as First National Bank of
Ionia in 1864, Independent Bank Corporation operates a branch
network 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
insurance. Independent Bank Corporation is committed to
providing exceptional personal service and value to its customers,
stockholders and the communities it serves.
About TCSB Bancorp, Inc.
TCSB Bancorp, Inc. is a Michigan-based bank
holding company with total assets of approximately $350
million. Founded in 2000, TCSB is the parent company of
Traverse City State Bank and provides a full array of banking
services through five full-service branches in Grand Traverse and
Leelanau counties.
For more information, please visit our Web sites
at: IndependentBank.com and TCSB.com
Forward-Looking Statements
This release may contain “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Any statements about our
expectations, beliefs, plans, strategies, predictions, forecasts,
objectives or assumptions of future events or performance are not
historical facts and may be forward-looking. These statements
include our expectation regarding the effective time of the
proposed merger of IBCP and TCSB. Forward-looking statements
involve estimates, known and unknown risks, assumptions and
uncertainties that could cause actual strategies, actions or
results to differ materially from those expressed in them, and are
not guarantees of timing, future results or other events or
performance. Because forward-looking statements are necessarily
only estimates of future strategies, actions or results, based on
management’s current expectations, assumptions and estimates on the
date hereof, and there can be no assurance that actual strategies,
actions or results will not differ materially from expectations,
readers are cautioned not to place undue reliance on such
statements. Factors that may cause such a difference include, but
are not limited to, the failure of any condition to the closing of
the proposed merger. Any forward-looking statement speaks
only as of the date on which it is made, and IBCP undertakes no
obligation to update any forward-looking statement, whether to
reflect events or circumstances after the date on which the
statement is made, to reflect new information or the occurrence of
unanticipated events, or otherwise.
Contact: |
William B. (“Brad”)
Kessel, President and CEO, Independent Bank Corporation,
616.447.3933 |
|
Robert (“Rob”) N.
Shuster, Chief Financial Officer, Independent Bank Corporation,
616.522.1765 |
|
Constance (“Connie”) A.
Deneweth, Chief Executive Officer, TCSB Bancorp, Inc.,
231.995.5544 |
|
Ann M. Bollinger,
President and Chief Financial Officer, TCSB Bancorp, Inc.,
231.995.8020 |
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