Independent Bank plans $86 million public offering of common stock

Deal includes 15% greenshoe; proceeds slated to redeem Tarp preferreds

By Susanna Moon

Chicago, Aug. 19 - Independent Bank Corp. said it plans to price an $86 million public sale of its common stock with a 30-day over-allotment option for another 15% of shares. The deal was announced Aug. 9.

Keefe, Bruyette & Woods is the bookrunning manager. Sandler O'Neill + Partners, LP and Boenning & Scattergood, Inc. are the co-managers.

Proceeds will be used to redeem the series B convertible preferred stock and related warrant held by the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program for an aggregate payment of $81 million. Remaining proceeds will be used for general corporate purposes.

The bank is based in Ionia, Mich.

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