Independent Bank Closes Public Offering Of 11.50 Mln Shares At $7.75/shr

(RTTNews) - Independent Bank Corp. (IBCP) announced it has closed an underwritten public offering of 11.50 million shares of common stock at a price per share of $7.75. The gross proceeds to the Company, before expenses, were $89.1 million.

The company said it has granted the underwriters a 30-day option to purchase up to an additional 1.73 million shares of common stock pursuant to this transaction to cover any over-allotments.

Independent Bank said it expects to use the net proceeds from this offering to redeem all of the shares of its Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series B and related Warrant, both issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program.

The company noted that both were issued for an aggregate payment of $81.0 million pursuant to the terms and conditions of the previously announced Securities Purchase Agreement, dated July 26, 2013, between the Company and the U.S. Department of the Treasury. The Company intends to use the remaining net proceeds for general corporate purposes.