Independent Bank Corporation Announces the Adoption of Its 2024 Share Repurchase Plan
19 Dezembro 2023 - 2:38PM
Independent Bank Corporation (NASDAQ: IBCP), the holding company of
Independent Bank, a Michigan-based community bank, announced that
its Board of Directors authorized a 2024 share repurchase plan on
December 19, 2023. Under the terms of the 2024 share repurchase
plan, the Company is authorized to buy back up to 1,100,000 shares,
representing approximately 5% of its common stock. The 2024 share
repurchase plan is authorized to last through December 31, 2024.
The Company intends to accomplish 2024 share
repurchases through open market transactions, though the Company
could accomplish 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, regulatory requirements, potential
alternative uses for capital, and the Company's financial
performance. The 2024 share repurchase plan 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 repurchases from cash
on hand.
The Company’s 2023 share repurchase plan will
expire on December 31, 2023. Through December 19, 2023, the Company
had repurchased 298,601 shares of its common stock at an average
price (including commissions) of $17.27 per share.
About Independent Bank
Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a
Michigan-based bank holding company with total assets of
approximately $5.2 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, insurance 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: IndependentBank.com.
Contact: |
William B. Kessel, President and CEO, 616.447.3933Gavin A. Mohr,
Chief Financial Officer, 616.447.3929 |
Independent Bank (NASDAQ:IBCP)
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