Independent Bank Corporation Announces 1-for-10 Reverse Stock Split
IONIA, Mich., Aug. 20 /PRNewswire-FirstCall/ -- Independent Bank Corporation (Nasdaq: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced today that it has taken steps to initiate a one-for-ten reverse stock split of the Company's common stock to be effective Aug. 31, 2010. As a result of the reverse stock split, every ten shares of the Company's common stock issued and outstanding immediately prior to the effective date will be combined into one share of common stock. The Company will not issue fractional shares of common stock. Fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share. The Company expects that trading of its common stock on the NASDAQ Global Select Market on a split-adjusted basis will begin at the open of trading on Sept. 1, 2010. Completion of the reverse stock split is subject to the Company's completion of the steps necessary to implement the reverse split, which are expected to occur prior to the planned effective date of Aug. 31, 2010.
Additional information about the reverse stock split is contained in the Company's proxy statement for the Annual Meeting of Shareholders held on Apr. 27, 2010, which was filed with the SEC on Mar. 24, 2010.
About Independent Bank Corporation
Independent Bank Corporation (Nasdaq Symbol: IBCP) 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 website at: www.IndependentBank.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 the Company's plans to implement a 1-for-10 reverse stock split and the timing and effect of that reverse stock split. 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 events, involve assumptions, and are subject to risks and uncertainties, such as 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, actual events could differ materially from those discussed. Factors that could cause or contribute to such differences include a decision by Independent Bank Corporation to cancel the reverse stock split, the failure of Independent Bank Corporation to satisfactorily complete all steps necessary to effect the reverse stock split, actions taken by third parties that could prohibit or delay the implementation of the reverse stock split, and market conditions that may affect the results expected from the reverse stock split. 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