IBCP · Independent Bank Corp · Debt

On May 27, 2020, Independent Bank Corporation (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Note Purchase Agreement”) with certain private investors (the “Purchasers”) pursuant to which the Company sold and issued $40,000,000 aggregate principal amount of 5.95% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Notes were offered and sold by the Company to the Purchasers in a private placement in reliance on the exemption from the registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and the provisions of Regulation D thereunder. The Company intends to use the proceeds from the offering for general corporate purposes.

Issuer evidence: On May 27, 2020, Independent Bank Corporation (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Note Purchase Agreement”) with certain private investors (the “Purchasers”) pursuant to which the Company sold and issued $40,000,000 aggregate principal amount of 5.95% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Notes were offered and sold by the Company to the Purchasers in a private placement in reliance on the exemption from the registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and the provisions of Regulation D thereunder. The Company intends to use the proceeds from the offering for general corporate purposes.

Supporting evidence: The Notes mature on May 31, 2030 (the “Maturity Date”) and bear interest at a fixed annual rate of 5.95%, payable semi-annually in arrears from May 27, 2020 to, but excluding, May 31, 2025. From and including May 31, 2025 to, but excluding, the Maturity Date or early redemption date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month term Secured Overnight Financing Rate (SOFR), plus 582.5 basis points, payable quarterly in arrears. The Company is entitled to redeem the Notes, in whole or in part, on or after May 31, 2025, and to redeem the Notes at any time in whole upon certain other events. Any redemption of the Notes will be subject to prior regulatory approval to the extent required.

Supporting evidence: On May 27, 2020, Independent Bank Corporation (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Note Purchase Agreement”) with certain private investors (the “Purchasers”) pursuant to which the Company sold and issued $40,000,000 aggregate principal amount of 5.95% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Notes were offered and sold by the Company to the Purchasers in a private placement in reliance on the exemption from the registration requirements of Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and the provisions of Regulation D thereunder. The Company intends to use the proceeds from the offering for general corporate purposes.

1. Subordinated Notes. This Subordinated Note is one of an issue of notes of Independent Bank Corporation, a Michigan corporation (the “Company”) designated as the “5.95% Fixed-to-Floating Rate Subordinated Notes due May 31, 2030” (the “Subordinated Notes”) issued pursuant to that Subordinated Note Purchase Agreement, dated as of May 27, 2020, by and among the Company and the several purchasers of the Subordinated Notes identified on the signature pages thereto (the “Purchase Agreement”).

Issuer evidence: 1. Subordinated Notes. This Subordinated Note is one of an issue of notes of Independent Bank Corporation, a Michigan corporation (the “Company”) designated as the “5.95% Fixed-to-Floating Rate Subordinated Notes due May 31, 2030” (the “Subordinated Notes”) issued pursuant to that Subordinated Note Purchase Agreement, dated as of May 27, 2020, by and among the Company and the several purchasers of the Subordinated Notes identified on the signature pages thereto (the “Purchase Agreement”).

1. Subordinated Notes. This Subordinated Note is one of an issue of notes of Independent Bank Corporation, a Michigan corporation (the “Company”) designated as the “5.95% Fixed-to-Floating Rate Subordinated Notes due May 31, 2030” (the “Subordinated Notes”) issued pursuant to that Subordinated Note Purchase Agreement, dated as of May 27, 2020, by and among the Company and the several purchasers of the Subordinated Notes identified on the signature pages thereto (the “Purchase Agreement”).

Issuer evidence: This SUBORDINATED NOTE PURCHASE AGREEMENT (this “Agreement”) is dated as of May 27, 2020, and is made by and among Independent Bank Corporation, a Michigan corporation (the “Company”), and the purchasers of the Subordinated Notes (as defined herein) identified on the signature pages hereto (each a “Purchaser” and collectively, the “Purchasers”).

Supporting evidence: 1. Subordinated Notes. This Subordinated Note is one of an issue of notes of Independent Bank Corporation, a Michigan corporation (the “Company”) designated as the “5.95% Fixed-to-Floating Rate Subordinated Notes due May 31, 2030” (the “Subordinated Notes”) issued pursuant to that Subordinated Note Purchase Agreement, dated as of May 27, 2020, by and among the Company and the several purchasers of the Subordinated Notes identified on the signature pages thereto (the “Purchase Agreement”).