"will be extremely dilutive to current common shareholders, Shuster said"
"The Ionia-based bank has filed preliminary proxy statements showing it plans to ask to increase the number of available shares in its holding company from 60 million to 500 million."
"The deal essentially is a recapitalization of the company that, in almost any scenario, will be extremely dilutive to current common shareholders if it is approved, Shuster said"
"Either way, existing shareholders might end up ceding control of 74 percent to 95 percent of the bank"
"Shuster said he didn't want to talk about..... the possibility that the bank could join the list of those closed by federal regulators"
"In October, Independent reported a $17.8 million third-quarter loss: It's fifth straight quarter loss. Like other Michigan banks, Independent has been hurt by big increases in the numbers of bad loans in its portfolio"