Independent Bank (Michigan)

Last updated
Independent Bank Corporation
Company type Public
Nasdaq:  IBCP
Russell 2000 Index component
Industry Banking
Founded1864;160 years ago (1864)
Headquarters Grand Rapids, Michigan
Key people
Michael M. Magee, Jr. (chairman)
William B. Kessel (CEO & president)
RevenueIncrease2.svg US$197.914 Million (Fiscal Year Ended 31 December 2020) [1]
Increase2.svg US$69.481 Million (Fiscal Year Ended 31 December 2020) [1]
Increase2.svg US$56.152 Million (Fiscal Year Ended 31 December 2020) [1]
Total assets Increase2.svg US$4.204 Billion (Fiscal Year Ended 31 December 2020) [1]
Total equity Increase2.svg US$389.522 Million (Fiscal Year Ended 31 December 2020) [1]
Number of employees
911 (2017)
Website 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 Michigan. [2]

Contents

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]

Related Research Articles

Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world.

<span class="mw-page-title-main">Bank of America</span> American multinational banking and financial services corporation

The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, both after JPMorgan Chase. Bank of America is one of the Big Four banking institutions of the United States. It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management and investment banking.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world, with $2.27 billion in annual revenue.

<span class="mw-page-title-main">TCF Bank</span> American commercial banking company

TCF Bank was the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Detroit. As of August 10, 2020, TCF Bank had approximately 475 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Ohio, and South Dakota.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

TCF Financial Corporation was a Wayzata, Minnesota-based national bank holding company until 2019, when it was purchased by the Chemical Financial Corporation, which adopted the TCF name. As of December 31, 2013, TCF had $18.4 billion in total assets and nearly 430 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana, Arizona, and South Dakota, providing retail and commercial banking services. TCF, through its subsidiaries, also conducted commercial leasing and equipment finance business in all 50 states, commercial inventory finance business in the United States and Canada, and indirect auto finance business in 45 states.

<span class="mw-page-title-main">Citizens Republic Bancorp</span> American bank

Citizens Republic Bancorp was an American bank headquartered in Flint, Michigan that merged with FirstMerit Bank in 2013. Citizens Republic Bancorp operated in the states of Michigan, Ohio, Indiana, and Wisconsin. On September 13, 2012, it completed a merger agreement with FirstMerit Bank of Akron, Ohio. As of April 13, 2013, it became a subsidiary of the FirstMerit Corporation. The merger finalized on June 13, 2013. FirstMerit merged with Huntington Bancshares in 2016.

<span class="mw-page-title-main">Flagstar Bank</span> American bank

Flagstar Bank is an American commercial bank headquartered in Troy, Michigan. A wholly owned subsidiary of New York Community Bank, Flagstar is one of the largest residential mortgage servicers in the United States, and was among the largest banks in the United States prior to its acquisition in 2022.

<span class="mw-page-title-main">Monroe Bank & Trust</span>

Monroe Bank & Trust was a bank headquartered in Monroe, Michigan, a subsidiary of MBT Financial Corp., a bank holding company. It operated 20 branches, including 14 branches in Monroe County, Michigan and 6 branches in Wayne County, Michigan. In September 2019, the company was acquired by First Merchants Corporation.

<span class="mw-page-title-main">Huntington Bancshares</span> Bank holding company headquartered in Columbus, Ohio

Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company is ranked 466th on the Fortune 500 as of 2024, and is 26th on the list of largest banks in the United States.

<span class="mw-page-title-main">Stifel</span> American investment bank

Stifel Financial Corp. is an American multinational independent investment bank and financial services company created under the Stifel name in July 1983 and listed on the New York Stock Exchange on November 24, 1986. Its predecessor company was founded in 1890 as the Altheimer and Rawlings Investment Company and is headquartered in downtown St. Louis, Missouri.

<span class="mw-page-title-main">Zions Bancorporation</span> U.S. financial services company

Zions Bancorporation is a national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington. It has 416 branches and over 1 million customers. It was founded by the Church of Jesus Christ of Latter-day Saints in 1873, although the church divested its interest in the bank in 1960.

Bank United Corporation, headquartered in Houston, Texas, was a broad-based financial services provider and the largest publicly traded depository institution headquartered in Texas before its merger with Washington Mutual in 2001. Bank United Corp. conducted its business through its wholly owned subsidiary, Bank United, a federally chartered savings bank. The company operated a 155-branch community banking network in Texas, including 77 in the Dallas/Fort Worth Metroplex, 66 in the greater Houston area, five in Midland, four in Austin, and three in San Antonio; operated 19 SBA lending offices in 14 states; was a national middle market commercial bank with 23 regional offices in 16 states; originated mortgage loans through 11 wholesale offices in 10 states; operated a national mortgage servicing business serving approximately 324,000 customers, and managed an investment portfolio. As of June 30, 2000, Bank United Corp. had assets of $18.2 billion, deposits of $8.8 billion, and stockholder's equity of $823 million.

Crestar Bank was a bank headquartered in Richmond, Virginia with branches in Virginia and Maryland. It was the leading subsidiary of Crestar Financial Corporation. In 1998, it was acquired by SunTrust Banks. At that time, it was the largest independent bank in Virginia.

Talmer Bancorp was a bank holding company headquartered in Troy, Michigan. It was the parent company of Talmer Bank & Trust and operated banks in Michigan, Illinois, Indiana, and Ohio. In 2016, it was acquired by Chemical Financial.

<span class="mw-page-title-main">TCF Financial Corporation</span> Former American financial services company

TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares. It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.

References

  1. 1 2 3 4 5 "Independent Bank Corporation's 2020 Annual Report Results" (PDF). 31 December 2020. Retrieved 2021-06-09.
  2. 1 2 "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.

Official website