Independent Bank (Michigan)
| File:Independent Bank (Michigan) logo.png | |
| Company type | Public |
|---|---|
| Template:NASDAQ 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) |
| US$69.481 Million (Fiscal Year Ended 31 December 2020) | |
| US$56.152 Million (Fiscal Year Ended 31 December 2020) | |
| Total assets | US$4.204 Billion (Fiscal Year Ended 31 December 2020) |
| Total equity | US$389.522 Million (Fiscal Year Ended 31 December 2020) |
Number of employees | 911 (2017) |
| Website | independentbank |
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Independent Bank is a financial institution based in Grand Rapids, Michigan, with a network of 62 branches operating solely within the state of Michigan.[1]
History
The bank's origins trace back to 1864 when it was founded as the First National Bank of Ionia. In 1896, it transitioned to a state charter and adopted the name State Savings Bank of Ionia. Later, in 1952, it was rebranded as First Security Bank.
The holding company, Independent Bank Corporation, was formed in 1974.[2] The corporation began its public trading on the NASDAQ stock exchange in 1985.[3]
In 2003, Independent Bank expanded by acquiring Mepco Insurance Premium Finance; however, this subsidiary was divested in 2017.[4] Further growth occurred in March 2007 through the purchase of ten branches from TCF Financial Corporation.[5]
During the financial crisis of 2008, Independent Bank received $72 million via the Troubled Asset Relief Program, which was fully repaid by 2013.[6]
In December 2012, the bank sold off twenty-one branches to Chemical Bank, which has since merged into TCF Financial Corporation.[7][8]
Operational restructuring led to the closure of six branches in 2015.[9]
The acquisition of Traverse City State Bank in 2018 marked another phase of expansion for Independent Bank.[10]
External links
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs named10K - ↑ "Institution History for INDEPENDENT BANK CORPORATION (1201925)".
- ↑ "Independent Bank Corporation [IBCP] President & CEO to Ring The NASDAQ Stock Market Opening Bell".
- ↑ "In Brief: Mich. Bank to Buy Premium Financier".
- ↑ "TCF Bank Michigan to sell 10 branches to Independent Bank Corp".
- ↑ "Independent Bank Corporation Exits TARP" (Press release).
- ↑ "Midland-based Chemical Bank acquires 21 branches of Independent Bank".
- ↑ "Chemical Bank Completes Acquisition of 21 Independent Bank Branches" (Press release).
- ↑ "Independent Bank Corp. announces 6 branch closings across Michigan".
- ↑ "Independent Bank Corporation Announces Completion of Merger With TCSB Bancorp, Inc".