Independent Bank Closes Deal

March 23, 2007
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IONIA — Independent Bank Corp. today closed on its previously announced transaction to acquire 10 TCF National Bank branches in Battle Creek, Bay City and Saginaw.

At the close of the transaction, Independent received $213.2 million in cash, assumed $244.1 million in total deposits and acquired real estate, leasehold improvements and furniture, fixtures and equipment totaling $4.2 million.

Independent Bank paid a premium of $28.1 million and reimbursed the seller for certain transaction-related costs totaling $200,000. The company expects to incur approximately $500,000 in additional transaction costs, primarily investment banking fees, legal fees and data processing conversion fees.

“The closing of this transaction results in meaningful increases in our market share in these three key markets,” said President and CEO Michael Magee. “Additionally, the cash provided allows us to further strengthen our balance sheet by replacing wholesale funding with core deposits generated from our local markets.”    

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