GRAND RAPIDS, Mich., April 26, 2016 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of eight cents per share. This dividend is payable on May 16, 2016 to shareholders of record on May 6, 2016.
The Company also announced today that its Board of Directors authorized a $5 million expansion of its 2016 share repurchase plan. The repurchase plan is authorized to last through Dec. 31, 2016.
In Jan. 2016, the Company announced its 2016 share repurchase plan, under which the Company was authorized to buy back up to 5% of its outstanding common stock. During the first quarter of 2016, the Company repurchased 1,059,865 shares of its common stock (representing 4.8% of its Dec. 31, 2015 outstanding shares) at a weighted average price of $14.63 per share. This leaves just 52,703 shares remaining in the original 2016 share repurchase plan.
Since the beginning of 2015, the Company has repurchased a total of 2,027,064 shares at an average price of $14.31 per share.
William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “We are pleased to make these announcements concerning our quarterly cash dividend and the expansion of our 2016 share repurchase plan. Two key capital management priorities for our organization are a solid and consistent dividend and a share repurchase plan supported by our strong capital position and operating results.”
The Company intends and expects to accomplish the remaining 2016 repurchases through open market transactions, though the Company could effect repurchases through other means, such as privately negotiated transactions. The timing and amount of any share repurchases will depend on a variety of factors, including, among others, securities law restrictions, the trading price of the Company's common stock, other regulatory requirements, potential alternative uses for capital, and the Company's financial performance. The repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company's discretion. The Company expects to fund any additional repurchases from cash on hand.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ:IBCP) is a Michigan-based bank holding company with total assets of approximately $2.5 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 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 Web site at: www.IndependentBank.com.
Contact: William B. Kessel, President and CEO, 616.447.3933 Robert N. Shuster, Chief Financial Officer, 616.522.1765
Source:Independent Bank Corporation