Profile: Independent Bank Corp (IBCP.O)
2 Dec 2016
Independent Bank Corporation, incorporated on September 17, 1973, is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. The Company's principal markets are the rural and suburban communities across Lower Michigan, which are served by the Bank's main office in Grand Rapids, Michigan, and a total of approximately 60 branches, a drive-in facility and approximately eight loan production offices. The Bank's branches provide lobby and drive-in services, as well as automatic teller machines (ATMs). In addition to general banking services, its Bank also offers title insurance services through a separate subsidiary, and investment and insurance services through a third party agreement with Cetera Investment Services LLC.
The Company's loan portfolio includes loans held for sale, mortgage, commercial, installment and payment plan receivables. Its loans held for sale include approximately $27,866 thousand, mortgage loans include approximately $500,454 thousand, commercial loans include approximately $748,398 thousand, installment loans include approximately $231,599 thousand and payment plan receivables include approximately $34,599 thousand. The Company has approximately $1,542,916 thousand of total loans.
The Company has approximately $585,484 thousand of total investments. The Company's investment portfolio consists of approximately $196,056 thousand of the United States agency residential mortgage-backed, approximately $144,984 thousand of states and political subdivisions, approximately $116,904 thousand of other asset backed securities, approximately $47,512 thousand of the United States agency, approximately $4,903 thousand of private label residential mortgage-backed and approximately $2,483 thousand of trust preferred securities.
Source of Funds
The Company's total deposits include approximately $1,993,745 thousand. The Company's deposits consist of approximately $619,206 thousand of non-interest bearing demand. The Company's savings and negotiable order of withdrawal (NOW) accounts include approximately $988,504 thousand and approximately $386,035 thousand of time deposits.
Mepco Finance Corporation is the Bank's subsidiary. Mepco Finance Corporation acquires and services payment plans used by consumers to purchase vehicle service contracts provided and administered by third parties. It purchases payment plans from companies that provide vehicle service contracts to consumers.
Independent Bank Corp
230 W Main St
PO Box 491
IONIA MI 48846-0491