IONIA, Mich., Sept. 3 /PRNewswire-FirstCall/ -- Independent
Bank Corporation (Nasdaq: IBCPD), the holding company of
Independent Bank, a Michigan-based
community bank, announced today that it has filed a registration
statement on Form S-1 with the Securities and Exchange
Commission (SEC) relating to the resale by Dutchess Opportunity
Fund, II, LP ("Dutchess") of any shares of common stock sold by the
Company to Dutchess pursuant to an Investment Agreement the Company
entered into with Dutchess on July 7, 2010. This
Investment Agreement establishes an equity line facility, which is
intended by the Company as a future contingent source of liquidity.
Pursuant to the Investment Agreement, Dutchess committed to
purchase up to $15 million of the Company's common stock over
a 36-month period after the registration statement becomes
effective. The Company has the right, but no obligation, to
draw on this equity line facility from time to time during such
36-month period by selling shares of its common stock to Dutchess.
The number of shares to be sold, if any, has not yet been
determined.
A registration statement relating to these securities has been
filed with the SEC but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
When available, copies of the prospectus relating to the resale
of securities by Dutchess may be obtained for free by visiting the
SEC Web site at http://www.sec.gov or by contacting Dutchess
Capital LLC at 50 Commonwealth Ave., Suite 2, Boston, Massachusetts 02116 (telephone:
617-301-4707).
About Independent Bank Corporation
Independent Bank Corporation (Nasdaq Symbol: IBCPD) is a
Michigan-based bank holding
company with total assets of approximately $2.7 billion. Founded as First National
Bank of Ionia in 1864, Independent
Bank Corporation now operates over 100 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. Independent Bank Corporation is committed to
providing exceptional personal service and value to its customers,
stockholders and the communities it serves.
For more information, please visit our Web site at:
www.IndependentBank.com.
About Dutchess Capital
Dutchess Capital is an investment manager which provides
creative financing for public companies. Founded in 2000, funds
managed by Dutchess have made over $200 million in direct
investments in companies throughout North
America, Europe and Asia. For almost a decade, Dutchess has
been a global leader in Equity Line Facilities (ELFs) and has
transacted in excess of $1.8 billion in such financings
worldwide. For more information, please visit:
www.dutchesscapital.com.
Any statements in this news release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Words such as "expect,"
"believe," "intend," "estimate," "project," "may" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are predicated on management's
beliefs and assumptions based on information known to Independent
Bank Corporation's management as of the date of this news release
and do not purport to speak as of any other date. Forward-looking
statements include descriptions of plans and objectives of
Independent Bank Corporation's management for future or past
operations, products or services, and forecasts of the Company's
revenue, earnings or other measures of economic performance. Such
statements reflect the view of Independent Bank Corporation's
management as of this date with respect to future events and are
not guarantees of future performance, involve assumptions and are
subject to substantial risks and uncertainties, such as the changes
in Independent Bank Corporation's plans, objectives, expectations
and intentions. Should one or more of these risks materialize or
should underlying beliefs or assumptions prove incorrect, the
Company's actual results could differ materially from those
discussed. Factors that could cause or contribute to such
differences include the ability of Independent Bank Corporation to
meet the objectives of its capital restoration plan, the ability of
Independent Bank to remain well-capitalized under federal
regulatory standards, the pace of economic recovery within
Michigan and beyond, changes in
interest rates, changes in the accounting treatment of any
particular item, the results of regulatory examinations, changes in
industries where the Company has a concentration of loans, changes
in the level of fee income, changes in general economic conditions
and related credit and market conditions, and the impact of
regulatory responses to any of the foregoing. Forward-looking
statements speak only as of the date they are made. Independent
Bank Corporation does not undertake to update forward-looking
statements to reflect facts, circumstances, assumptions or events
that occur after the date the forward-looking statements are made.
For any forward-looking statements made in this news release or in
any documents, Independent Bank Corporation claims the protection
of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
SOURCE Independent Bank Corporation
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