Independent Bank Corporation (NASDAQ: IBCP), based in Grand Rapids, Michigan, offers a broad range of commercial banking, mortgage banking, consumer lending, and investment and title services largely throughout suburban and rural markets in Central and Lower Michigan. A complement to its traditional banking activities, IBCP’s wealth management division held over $500 million in AUM. The state-charted subsidiary, Independent Bank ("the bank"), with origins spanning over 150 years, operates 56 branches and six LPOs, including five in MI and one in OH.
IBCP’s franchise growth over time has largely been organic (previous bank acquisition completed in 2018) with contemporary growth strategies centered around C&I growth.
IBCP’s loan portfolio mix is diverse, and comparatively less commercial-centric, with residential mortgages historically representing nearly 40% of total HFI loans. To a lesser, although still meaningful extent, consumer…
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