Independent Bank (Michigan)

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]

Independent Bank Corporation
TypePublic company
NASDAQ: IBCP
Russell 2000 Index component
IndustryBanking
Founded1864 (1864)
HeadquartersIonia, Michigan
Key people
 Michael M. Magee, Jr., Chairman
William B. Kessel, CEO & President
Robert N. Shuster, CFO
Number of employees
911 (2017)
Websitewww.independentbank.com
Footnotes / references
[1]

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.[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 Financial Corporation.[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 (now TCF Financial Corporation).[6][7]

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

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

References
  1. "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.
  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 Completion of Merger With TCSB Bancorp, Inc". April 2, 2018.

Official website

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