GRAND RAPIDS, Mich. and TRAVERSE CITY, Mich., March 15, 2018 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the parent company of Independent Bank, with total assets of approximately $2.8 billion, and TCSB Bancorp, Inc. (“TCSB”), the parent company of Traverse City State Bank, with total assets of approximately $350 million, previously announced the signing of a definitive merger agreement on Dec. 4, 2017 for IBCP to acquire TCSB.
The proposed transaction has been approved by TCSB shareholders with 99% of the votes received approving the transaction. As previously announced the proposed transaction has also been approved by both the Federal Reserve Bank of Chicago and the Michigan Department of Insurance and Financial Services. The merger of IBCP and TCSB is currently expected to be effective on Apr. 1, 2018.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $2.8 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network 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 insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.
About TCSB Bancorp, Inc.
TCSB Bancorp, Inc. is a Michigan-based bank holding company with total assets of approximately $350 million. Founded in 2000, TCSB is the parent company of Traverse City State Bank and provides a full array of banking services through five full-service branches in Grand Traverse and Leelanau counties.
For more information, please visit our Web sites at: IndependentBank.com and TCSB.com
Forward-Looking Statements
This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives or assumptions of future events or performance are not historical facts and may be forward-looking. These statements include our expectation regarding the effective time of the proposed merger of IBCP and TCSB. Forward-looking statements involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual strategies, actions or results to differ materially from those expressed in them, and are not guarantees of timing, future results or other events or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions or results, based on management’s current expectations, assumptions and estimates on the date hereof, and there can be no assurance that actual strategies, actions or results will not differ materially from expectations, readers are cautioned not to place undue reliance on such statements. Factors that may cause such a difference include, but are not limited to, the failure of any condition to the closing of the proposed merger. Any forward-looking statement speaks only as of the date on which it is made, and IBCP undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.
| Contact: | William B. (“Brad”) Kessel, President and CEO, Independent Bank Corporation, 616.447.3933 |
| Robert (“Rob”) N. Shuster, Chief Financial Officer, Independent Bank Corporation, 616.522.1765 | |
| Constance (“Connie”) A. Deneweth, Chief Executive Officer, TCSB Bancorp, Inc., 231.995.5544 | |
| Ann M. Bollinger, President and Chief Financial Officer, TCSB Bancorp, Inc., 231.995.8020 |