Independent Bank (Michigan)
American Bank
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Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.[2]
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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] | |
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]