Independent Bank is a bank headquartered in
Grand Rapids, Michigan
Grand Rapids is the largest city and county seat of Kent County, Michigan, United States. With a population of 198,917 at the 2020 United States census, 2020 census and estimated at 200,117 in 2024, Grand Rapids is the List of municipalities ...
. The bank has 62
branches, all of which are in Michigan.
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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
A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') or bancorporation is often used to refer to such companies as w ...
.
In 2003, the company acquired Mepco Insurance Premium Finance. Mepco was sold in 2017.
In March 2007, the bank acquired 10 branches from TCF Financial Corporation.
In December 2008, the bank received a $72 million investment from the United States Department of the Treasury
The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments.
...
as part of the Troubled Asset Relief Program
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by U.S. Presi ...
. The investment was returned in 2013.
In December 2012, the bank sold 21 branches to Chemical (now TCF Financial Corporation).
In 2015, the bank closed 6 branches.
References
External links
{{NASDAQ Financial-100
Banks based in Michigan
Banks established in 1864
1864 establishments in Michigan
Companies listed on the Nasdaq