Independent Bank

Independent Bank Corporation
Public company
Traded as NASDAQ: IBCP
Russell 2000 Index component
Industry Banking
Founded 1864 (1864)
Headquarters Grand Rapids, Michigan
Key people
 Michael M. Magee, Jr., Chairman
William B. Kessel, CEO & President
Robert N. Shuster, CFO
Number of employees
 911 (2017)
Website www.independentbank.com
Footnotes / references
[1]

Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 82 branches, all of which are in rural and suburban Michigan.[1]

History

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

In 1974, Independent Bank Corporation was established as the bank holding company.[2]

In 2003, the company acquired Mepco Insurance Premium Finance.[3] Mepco was sold in 2017.

In March 2007, the bank acquired 10 branches from TCF Bank.[4]

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.[5]

In December 2012, the bank sold 21 branches to Chemical Financial Corporation.[6][7]

In 2015, the bank closed 6 branches.[8]

In 2018, the bank acquired Traverse City State Bank. [9]

References

  1. 1 2 "Independent Bank Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Institution History for INDEPENDENT BANK CORPORATION (1201925)". Federal Financial Institutions Examination Council.
  3. ↑ "In Brief: Mich. Bank to Buy Premium Financier". American Banker. February 27, 2003. (subscription required)
  4. ↑ Henderson, Tom (November 6, 2006). "TCF Bank Michigan to sell 10 branches to Independent Bank Corp". Crain Communications.
  5. ↑ "Independent Bank Corporation Exits TARP" (Press release). PR Newswire. September 3, 2013.
  6. ↑ Lynch-Morin, Kathryn (May 24, 2012). "Midland-based Chemical Bank acquires 21 branches of Independent Bank". Advance Publications.
  7. ↑ "Chemical Bank Completes Acquisition of 21 Independent Bank Branches in Northeast Michigan and Battle Creek" (Press release). GlobeNewswire. December 10, 2012.
  8. ↑ Harger, Jim (January 23, 2015). "Independent Bank Corp. announces 6 branch closings across Michigan". Advance Publications.
  9. ↑ "INDEPENDENT BANK CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE TRAVERSE CITY STATE BANK". December 4, 2017.
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