Skip to main content

News

Dec 2017
05
December 05, 2017

Warner Norcross Represents TCSB Bancorp, Inc. in Its Merger With Independent Bank Corporation

Independent Bank Corporation (IBCP), the parent company of Independent Bank, and TCSB Bancorp, Inc. (TCSB), the parent company of Traverse City State Bank, announced the signing of a merger agreement pursuant to which IBCP will be acquiring TCSB. 


Subject to the terms of the merger agreement, which has been unanimously approved by the board of directors of each company, TCSB shareholders will receive 1.1166 shares of IBCP common stock for each outstanding share of TCSB common stock or 2.71 million shares of IBCP common stock in the aggregate. The 169,800 outstanding options to acquire TCSB common stock will be converted into IBCP options at the completion of the merger. The transaction is valued at approximately $63.24 million based on IBCP’s 15-day volume weighted average price of $22.4438 as of December 1, 2017, which is equal to 206.4% of TCSB tangible book value as of September 30, 2017. After the closing, IBCP intends to consolidate Traverse City State Bank with and into Independent Bank, operate under the Independent Bank name and maintain all five branch locations. 

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 through five full-service branches in the Traverse City area.

In connection with the merger, Warner Norcross & Judd LLP acted as legal counsel to TCSB, and D.A. Davidson & Co. acted as TCSB’s financial advisor.

The Warner Norcross transaction team was led by Charlie Goode and included the following attorneys: Jason Byrne, Emily Cantor, Sean Cook, Angelyn Justian, Jonathan Kok, Norbert Kugele, Gordon Lewis, Heidi Lyon, Rodney Martin, Ryan Richter and Corinne Sprague.

About Warner Norcross & Judd

By providing discerning and proactive legal advice, Warner Norcross & Judd LLP builds a better partnership with its clients. Warner Norcross is a corporate law firm with 216 attorneys practicing in eight offices throughout Michigan: Grand Rapids, Southfield, Midland, Macomb, Muskegon, Kalamazoo, Holland and Lansing. To learn more, follow us on Twitter @WNJLLP or connect on LinkedIn.

Warner Norcross & Judd LLP has been ranked as one of the “Best Law Firms” by Best Lawyers and U.S. News & World Report, as one of the leading law firms in Michigan by Chambers USA and our attorneys have been deemed “Super Lawyers” by Michigan Super Lawyers magazine year after year.

NOTICE. Although we would like to hear from you, we cannot represent you until we know that doing so will not create a conflict of interest. Also, we cannot treat unsolicited information as confidential. Accordingly, please do not send us any information about any matter that may involve you until you receive a written statement from us that we represent you.

By clicking the ‘ACCEPT’ button, you agree that we may review any information you transmit to us. You recognize that our review of your information, even if you submitted it in a good faith effort to retain us, and even if you consider it confidential, does not preclude us from representing another client directly adverse to you, even in a matter where that information could and will be used against you.

Please click the ‘ACCEPT’ button if you understand and accept the foregoing statement and wish to proceed.

ACCEPTCANCEL

Text

+ -

Reset