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Michigan-based Independent Bank issues subordinated notes due 2030

May 28, 2020 - SNL Financial

Proceeds from the sale of the notes will be used for general corporate purposes.

Grand Rapids, Mich.-based Independent Bank Corp. sold and issued $40 million aggregate principal amount of fixed- to floating-rate subordinated notes due May 31, 2030, in a private placement.

The notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines. Proceeds from the sale of the securities will be used for general corporate purposes.

The notes will bear interest ...