Bailout Bank Bio: Independent Bank Corporation of Michigan

May 28, 2009 | 2 min read | Print Article

Independent Bank Logo Independent Bank Corporation, a bank holding company, provides commercial banking services primarily in Michigan. The company offers various deposit products, including time deposits, checking and savings accounts, and NOW accounts. It also provides commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services. In addition, the company offers title insurance services, and investment and insurance services. Further, it provides payment plans to consumers to purchase extended automobile warranties. As of December 31, 2007, the company operated approximately 106 branches, 3 drive-thru facilities, and 9 loan production offices. Independent Bank Corporation was founded in 1864 and is based in Ionia, Michigan.

In December Independent Bank announced that it would participate in the Treasury Department’s Capital Purchase Program. Under the program the company received $72 million in exchange for preferred stock.

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Bailout Bank Bio: Independent Bank Corporation of Michigan.


Federal Equity Investment	$72 million
Total Revenue	$250.5 million (2008) $271.1 million (2007)
Net Income	-$91.7 million (2008) $10.4million (2007)
Number of Employees	1,030
Corporate Headquarters	Ionia, Michigan
Business Sector	Bank
Officers and Directors	Magee, Michael, President, Chief Executive Officer, Director Van Loan, Charles, Chairman of the Board Other Officers and Directors
Corporate Website	http://www.independentbank.com/
Executive Compensation	Independent Bank Corporation of Michigan