INDEPENDENT BANK CORP /MI/
Close on Oct 19, 2026
- Market cap
- $740.94M
- P/E (TTM)
- 10.4
- Dividend yield
- 2.92%
About Independent Bank
State Commercial Banks, SIC 6022
Independent Bank Corporation operates as a bank holding company for Independent Bank, conducting business in the commercial banking industry. The institution provides retail and commercial banking solutions to individuals and business clients. Its core offerings include checking and savings accounts, commercial loans, direct and indirect consumer financing, and mortgage lending, along with safe deposit box services. Additionally, the company provides title insurance services and third-party investment services, though it does not offer trust services. Customers can also access account services through digital platforms, including internet and mobile banking channels.
The company is headquartered at its main office in Grand Rapids, Michigan. Its physical footprint is concentrated primarily in rural and suburban communities throughout Lower Michigan. The delivery network encompasses 56 bank branches, one drive-thru facility, and five loan production offices situated within Michigan, alongside one loan production office in Fairlawn, Ohio. Most branch locations feature full-service lobbies, drive-thru services, and automated teller machines. The organization employs 735 full-time and 91 part-time workers.
Summary of the business section of Independent Bank's latest annual report, written by StockData.
Company profile
Company
- Legal name
- INDEPENDENT BANK CORP /MI/
- Founded
- 1864
- Headquarters
- Grand Rapids, MI
- Address
- 98 Ottawa Ave Nw 49503
- Phone
- (800) 355-0641
- Website
- independentbank.com
- Employees
- 735, Dec 31, 2025
- Industry
- State Commercial Banks
- Incorporated in
- Michigan
- Fiscal year ends
- December 31
- Auditor
- Crowe LLP, Grand Rapids, Michigan
Stock & identifiers
- Ticker
- IBCP
- Exchange
- Nasdaq
- IPO date
- Sep 4, 1985
- Shares outstanding
- 22M, Aug 4, 2026
- Public float
- $655.03M, Jun 30, 2025
- Filer category
- Accelerated filer
- Stock splits
- 1-for-10 reverse, Sep 1, 2010; 11-for-10, Oct 2, 2003; 3-for-2, Jan 2, 2003; 3-for-2, Jul 1, 1998; 3-for-2, May 1, 1997
- SEC CIK
- 39311
- CUSIP
- 453838609
- ISIN
- US4538386099
- LEI
- 549300C5K3W8THR3GE10
- EIN
- 38-2032782
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| William B. Kessel | President & CEO, Director | 168,664 |
| Kristopher Kreter | First Vice Pres. & Controller | 2,486 |
| James J. Twarozynski | Senior Vice President | 12,491 |
| Patrick J. Ervin | Executive Vice President | 36,777 |
| Stefanie M. Kimball | Executive Vice President | 71,404 |
| Gavin A. Mohr | Executive Vice President | 28,321 |
| Joel F. Rahn | Executive Vice President | 32,368 |
| Larry R. Daniel Jr | Executive Vice President | 26,864 |
| Michael Joseph Stodolak | Executive Vice President | 20,085 |
| Christopher S. Michaels | Executive Vice President | 13,471 |
| Nathaniel Ernest Tagg | Director | 28,734 |
| Christina Keller | Director | 8,066 |
| Joan A. Budden | Director | 7,118 |
| Michael G. Wooldridge | Director | 25,879 |
| Dennis W. Archer Jr | Director | 11,500 |
| Ronia F. Kruse | Director | 2,200 |
| Stephen L. Gulis Jr | Director | 218 |
| William J. Boer | Director | 45,198 |
| Michael J. Cok | Director | – |
| Terance L. Beia | Director | 40,001 |
| Michael M. Magee Jr | Director | 27,727 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 Mr. Kessel | $1.56M | $1.33M | $636.31K | $213 | $217 |
| FY2024 Mr. Kessel | $1.39M | $2.13M | $641.65K | $220 | $168 |
| FY2023 Mr. Kessel | $1.12M | $1.25M | $538.91K | $159 | $125 |
| FY2022 Mr. Kessel | $1.24M | $1.22M | $611.69K | $140 | $114 |
| FY2021 Mr. Kessel | $1.30M | $1.48M | $628.01K | $134 | $137 |
| FY2020 Mr. Kessel | $1.29M | $1.16M | $430.00K | $86 | $87 |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Employees
Headcount reported in annual reports
“As of December 31, 2025, we had 735 full-time employees and 91 part-time employees.”
Corporate history
Events identified from SEC filings
| Date | Event | Details |
|---|---|---|
| May 1, 2026 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| Dec 29, 2017 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| Oct 10, 2013 | Delisting | Notice of delisting from exchange (Form 25) |
| Jun 25, 2010 | Listing notice | Notice of delisting or failure to satisfy a listing rule (8-K Item 3.01) |
| Jan 27, 2010 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| Dec 23, 2009 | Listing notice | Notice of delisting or failure to satisfy a listing rule (8-K Item 3.01) |
| Apr 7, 2005 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Apr 4, 2005 | Auditor change | Change in certifying accountant (8-K Item 4.01) |
| Jul 7, 2004 | Deregistration | Termination of SEC registration (Form 15) |
| Apr 23, 2004 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| Mar 23, 2004 | Merger | Registration of securities for a merger or exchange offer (S-4) |
| May 28, 1999 | Merger | Registration of securities for a merger or exchange offer (S-4) |