Independent Bank (Michigan)

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Independent Bank Corporation
TypePublic company
Nasdaq: IBCP
Russell 2000 Index component
IndustryBanking
Founded1864; 158 years ago (1864)
HeadquartersGrand Rapids, Michigan
Key people
 Michael M. Magee, Jr., Chairman
William B. Kessel, CEO & President
RevenueIncrease US$197.914 Million (Fiscal Year Ended 31 December 2020)[1]
Increase US$69.481 Million (Fiscal Year Ended 31 December 2020)[1]
Increase US$56.152 Million (Fiscal Year Ended 31 December 2020)[1]
Total assetsIncrease US$4.204 Billion (Fiscal Year Ended 31 December 2020)[1]
Total equityIncrease US$389.522 Million (Fiscal Year Ended 31 December 2020)[1]
Number of employees
911 (2017)
Websitewww.independentbank.com
Footnotes / references
[2]

Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in rural and suburban Michigan.[2]

History[]

The bank traces its roots to First National Bank of Ionia, which was founded in 1864.

In 1896, relinquished its national charter and obtained a state charter, reorganized as State Savings Bank of Ionia.

in 1952, changed name to First Security Band.

In 1974, Independent Bank Corporation was established as the bank holding company.[3]

In 2003, the company acquired Mepco Insurance Premium Finance.[4] Mepco was sold in 2017.

In March 2007, the bank acquired 10 branches from TCF Financial Corporation.[5]

In December 2008, the bank received a $72 million investment from the United States Department of the Treasury as part of the Troubled Asset Relief Program. The investment was returned in 2013.[6]

In December 2012, the bank sold 21 branches to Chemical (now TCF Financial Corporation).[7][8]

In 2015, the bank closed 6 branches.[9]

In 2018, the bank acquired Traverse City State Bank.[10]


References[]

  1. ^ a b c d e "Independent Bank Corporation's 2020 Annual Report Results" (PDF). 31 December 2020. Retrieved 2021-06-09.
  2. ^ a b "Independent Bank Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ "Institution History for INDEPENDENT BANK CORPORATION (1201925)". Federal Financial Institutions Examination Council.
  4. ^ "In Brief: Mich. Bank to Buy Premium Financier". American Banker. February 27, 2003.
  5. ^ Henderson, Tom (November 6, 2006). "TCF Bank Michigan to sell 10 branches to Independent Bank Corp". Crain Communications.
  6. ^ "Independent Bank Corporation Exits TARP" (Press release). PR Newswire. September 3, 2013.
  7. ^ Lynch-Morin, Kathryn (May 24, 2012). "Midland-based Chemical Bank acquires 21 branches of Independent Bank". Advance Publications.
  8. ^ "Chemical Bank Completes Acquisition of 21 Independent Bank Branches in Northeast Michigan and Battle Creek" (Press release). GlobeNewswire. December 10, 2012.
  9. ^ Harger, Jim (January 23, 2015). "Independent Bank Corp. announces 6 branch closings across Michigan". Advance Publications.
  10. ^ "Independent Bank Corporation Announces Completion of Merger With TCSB Bancorp, Inc". April 2, 2018.

External links[]

Official website

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