| Independent Bank Corporation | |
| Type: | Public |
| Traded As: | NASDAQ: Russell 2000 Index component |
| Industry: | Banking |
| Location: | 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] |
| Operating Income: | US$69.481 Million (Fiscal Year Ended 31 December 2020) |
| Net Income: | US$56.152 Million (Fiscal Year Ended 31 December 2020) |
| Assets: | US$4.204 Billion (Fiscal Year Ended 31 December 2020) |
| Equity: | US$389.522 Million (Fiscal Year Ended 31 December 2020) |
| Num Employees: | 911 (2017) |
| Footnotes: | [2] |
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.[2]
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]