Independent Bank (Michigan)
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| Company type | Public |
|---|---|
| Nasdaq: IBCP Russell 2000 Index component | |
| Industry | Banking |
| Founded | 1864 |
| Headquarters | Grand Rapids, Michigan |
Key people | Michael M. Magee, Jr. (chairman) William B. Kessel (CEO & president) |
| Revenue |  US$197.914 Million (Fiscal Year Ended 31 December 2020)[1] |
| US$69.481 Million (Fiscal Year Ended 31 December 2020)[1] | |
| US$56.152 Million (Fiscal Year Ended 31 December 2020)[1] | |
| Total assets | US$4.204 Billion (Fiscal Year Ended 31 December 2020)[1] |
| Total equity | US$389.522 Million (Fiscal Year Ended 31 December 2020)[1] |
Number of employees | 911 (2017) |
| Website | independentbank |
| 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]
History
[edit]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
[edit]- ^ a b c d e "Independent Bank Corporation's 2020 Annual Report Results" (PDF). 31 December 2020. Retrieved 2021-06-09.
- ^ a b "Independent Bank Corporation 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Institution History for INDEPENDENT BANK CORPORATION (1201925)". Federal Financial Institutions Examination Council.
- ^ "In Brief: Mich. Bank to Buy Premium Financier". American Banker. February 27, 2003.
- ^ Henderson, Tom (November 6, 2006). "TCF Bank Michigan to sell 10 branches to Independent Bank Corp". Crain Communications.
- ^ "Independent Bank Corporation Exits TARP" (Press release). PR Newswire. September 3, 2013.
- ^ Lynch-Morin, Kathryn (May 24, 2012). "Midland-based Chemical Bank acquires 21 branches of Independent Bank". Advance Publications.
- ^ "Chemical Bank Completes Acquisition of 21 Independent Bank Branches in Northeast Michigan and Battle Creek" (Press release). GlobeNewswire. December 10, 2012.
- ^ Harger, Jim (January 23, 2015). "Independent Bank Corp. announces 6 branch closings across Michigan". Advance Publications.
- ^ "Independent Bank Corporation Announces Completion of Merger With TCSB Bancorp, Inc". April 2, 2018.
External links
[edit]- Business data for Independent Bank Corporation: