Independent Bank (Michigan)

Last updated
Independent Bank Corporation
Company type Public
Nasdaq:  IBCP
Russell 2000 Index component
Industry Banking
Founded1864;161 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 1985, Independent Bank Corporation joined the NASDAQ stock exchange. [4]

In 2003, the company acquired Mepco Insurance Premium Finance. [5] Mepco was sold in 2017.

In March 2007, the bank acquired 10 branches from TCF Financial Corporation. [6]

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. [7]

In December 2012, the bank sold 21 branches to Chemical (now TCF Financial Corporation). [8] [9]

In 2015, the bank closed 6 branches. [10]

In 2018, the bank acquired Traverse City State Bank. [11]

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. ↑ "Independent Bank Corporation [IBCP] President & CEO to Ring The NASDAQ Stock Market Opening Bell". ir.independentbank.com. Retrieved 2025-07-18.
  5. ↑ "In Brief: Mich. Bank to Buy Premium Financier" . American Banker . February 27, 2003.
  6. ↑ Henderson, Tom (November 6, 2006). "TCF Bank Michigan to sell 10 branches to Independent Bank Corp". Crain Communications .
  7. ↑ "Independent Bank Corporation Exits TARP" (Press release). PR Newswire. September 3, 2013.
  8. ↑ Lynch-Morin, Kathryn (May 24, 2012). "Midland-based Chemical Bank acquires 21 branches of Independent Bank". Advance Publications .
  9. ↑ "Chemical Bank Completes Acquisition of 21 Independent Bank Branches in Northeast Michigan and Battle Creek" (Press release). GlobeNewswire. December 10, 2012.
  10. ↑ Harger, Jim (January 23, 2015). "Independent Bank Corp. announces 6 branch closings across Michigan". Advance Publications .
  11. ↑ "Independent Bank Corporation Announces Completion of Merger With TCSB Bancorp, Inc". April 2, 2018.

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