Independent Bank Corporation Announces Regulatory Approvals to Acquire Traverse City State Bank

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GRAND RAPIDS, Mich. and TRAVERSE CITY, Mich., Feb. 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.

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p align=”justify”>The proposed transaction has been approved by both the Federal Reserve Bank of Chicago and the Michigan Department of Insurance and Financial Services.

A meeting of the TCSB shareholders has been scheduled for Mar. 14, 2018 to consider and vote upon a proposal to approve the merger agreement between IBCP and TCSB. Assuming requisite TCSB shareholder approval and satisfaction of other closing conditions, 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 …

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