Profile: Independent Bank Corp (IBCP.O)
Independent Bank Corporation, incorporated on September 17, 1973, is a bank holding company. The Company owns Independent Bank (the Bank). The Bank is engaged in commercial banking. The Bank’s activities include 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 that is served by its bank's branch network. As of December 31, 2011, the Bank served its markets through its main office and a total of 100 branches, three drive-thru facilities and two loan production offices. Automatic teller machines are also provided at most locations. On December 7, 2012, the Company's subsidiary bank, Independent Bank, sold 21 of its branches to Chemical Bank, headquartered in Midland, Michigan.
The Company’s loan portfolio includes loans held for sale, mortgage, installment and payment plan receivables. As of December 31, 2011, its loans held for sale were approximately $44.8 million, mortgage loan were approximately $590.8 million, Commercial loans were approximately $651.15 million, installment loans were approximately $219.59 million and payment plan receivables were approximately $115.01 million. As of December 31, 2011, the Company had approximately $1,62.4 million of total loan.
As of December 31, 2011, the Company had approximately $157.44 million of total investments. As of December 31, 2011, the Company’s investment portfolio consisted of approximately $94.2 million of the United States agency residential mortgage-backed, approximately $27.3 million of states and political subdivisions, approximately $25.01 million of the United States agency, approximately $8.2 million of private label residential mortgage-backed and approximately $2.63 million of trust preferred.
Source of Funds
As of December 31, 2011, the Company’s deposits consisted of approximately $467.3 million of non-interest bearing demand, approximately $1,0006.3 million of savings and negotiable order of withdrawal (NOW), approximately $656.9 million of time deposits. The Company relies on wholesale funding, including Federal Home Loan Bank borrowings, brokered deposits, and Federal Reserve Bank borrowings, to augment its deposits to fund its business. As of December 31, 2011, its use of such wholesale funding sources amounted to approximately $75.7 million or 3.6% of total funding. As of December 31, 2011 the Company had $123.1 million of uninsured deposits and an additional $170.9 million of deposits that were in non-interest bearing transaction accounts. As of December 31, 2011, it had brokered deposits of approximately $42.3 million.
Mepco Finance Corporation is the Bank’s subsidiary. Mepco Finance Corporation is engaged in the business of acquiring and servicing payment plans used by consumers throughout the United States who have purchased a vehicle service contract and choose to make monthly payments for their coverage. In addition, the Bank offers title insurance services through a separate subsidiary and provides investment and insurance services through a third party agreement with PrimeVest Financial Services, Inc.
Independent Bank Corp
230 West Main Street,
P.O. Box 491
IONIA MI 48846