Independent Bank in Ionia, Michigan (MI)



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Independent Bank
GeneralFDIC Certificate #: 27811
Status: Active
Federal Reserve ID: 636771
Bank Holding Company (Regulatory Top Holder): Independent Bank Corporation (RSSDID: 1201925, Location: Ionia, MI)
Date Established: January 01, 1890
WWW: http://www.independentbank.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 110 (Domestic: 110, Interstate: No)
OTS Docket #: 321
FDIC's unique #: 40645
Numeric code: 13
Regulator: FED
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: September 15, 1999
Last Structure Change Effective Date: October 20, 2010
Last Structure Change Process Date: October 20, 2010
Last Data Update: October 20, 2010
Data Source Date: April 05, 2012
LocationAddress: 230 West Main Street, Ionia, MI 48846
County: Ionia
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: Chicago
FDIC Field Office: Grand Rapids
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Combined Statistical Area (CSA): Grand Rapids-Muskegon-Holland, MI (#266)
Core Based Statistical Area (CBSA): Grand Rapids-Wyoming, MI (#24340)
CBSA Metro Statistical Area: Grand Rapids-Wyoming, MI (#24340)
History of ChangesChange in Geographic Region/Area/Territory/Field Office
Financial SummaryTotal assets: $2,304.7 mil
Equity capital: $153.0 mil
Deposits held in domestic offices: $2,092.2 mil
Return on assets (ROA): -0.74% (-$17.1 mil)
Quarterly return on assets: -1.36% (-$31.3 mil)
Return on Equity (ROE): -10.89% (-$16.7 mil)
Quarterly return on equity: -19.99% (-$30.6 mil)
Net income: -$17.7 mil
Quarterly Net income: -$7.8 mil
Pretax return on assets: -0.75% (-$17,285.6 mil)
Quarterly Pretax return on assets: -1.26% (-$29,039.8 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)1,108
Total assets$2,304,743
Cash and due from depository institutions$341,108
Interest-bearing balances$278,331
Securities$157,444
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$1,564,244
Loan loss allowance $58,884
Trading account assets$77
Bank premises and fixed assets$62,011
Other real estate owned$33,425
Goodwill and other intangibles$18,838
All other assets$127,596
Life insurance assets$2,304,743
Total liabilities and capital$2,151,756
Total liabilities$2,092,205
Total deposits$1,588,174
Interest-bearing deposits$2,092,205
Deposits held in domestic offices$94
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$33,384
Other borrowed funds $0
Subordinated debt $26,167
All other liabilities $152,987
Total equity capital$152,987
Total bank equity capital$152,987
Perpetual preferred stock$0
Common stock$200
Surplus$316,863
Undivided profits $-164,076
Memoranda
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $44,801
Income earned, not collected on loans $59,883
Earning assets $0
Long-term assets (5+ years) $6,244
Average Assets, year-to-date $2,000,096
Average Assets, quarterly $392,175
Volatile liabilities $2,390,880
Insider loans $2,311,456
FHLB advances $1,540,676
Loans and leases held for sale $2,306,704
Unused loan commitments $49,271
Tier 1 (core) risk-based capital $861
Tier 2 risk-based capital $156,104
Total risk weighted assets $48,410
Total unused commitments $0
Restructured Loans and leases $139,183
Derivatives$600
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $115,502
Total interest expense $17,464
Net interest income $98,038
Provision for loan and lease losses $27,946
Total noninterest income $39,703
Fiduciary activities $0
Service charges on deposit accounts $17,353
Trading account gains & fees $45
Additional noninterest income $22,305
Total noninterest expense $127,116
Salaries and employee benefits $50,174
Premises and equipment expense $16,723
Additional noninterest expense $60,219
Pre-tax net operating income -$17,321
Securities gains (losses) -$556
Applicable income taxes -$214
Income before extraordinary items -$17,663
Extraordinary gains - net $0
Net income attributable to bank -$17,663
Net charge-offs $0
Cash dividends -$17,663
Sale, conversion, retirement of capital stock, net $36,977
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.60%
Cost of funding earning assets 0.85%
Net interest margin 4.75%
Noninterest income to earning assets 1.92%
Noninterest expense to earning assets 6.16%
Net operating income to assets -0.72%
Return on assets (ROA) -0.74%
Pretax return on assets -0.75%
Return on equity (ROE) -10.89%
Retained earnings to average equity (YTD only) -10.89%
Net charge-offs to loans 2.15%
Credit loss provision to net charge-offs 75.58%
Efficiency ratio0.29%
Assets per employee$91,292
Cash dividends to net income (YTD only)2.08%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 3.63%
Noncurrent assets plus other real estate owned to assets 98.33%
Noncurrent loans to loans 4.05%
Net loans and leases to deposits3.69%
Net loans and leases to core deposits 74.77%
Equity capital to assets 77.76%
Core capital (leverage) ratio 6.64%
Tier 1 risk-based capital ratio 6.77%
Total risk-based capital ratio 10.13%
Memoranda
Average assets$11
Average earning assets$2,390,880
Average equity $162,252
Average loans $2,062,909
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107 Michigan Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
040645Independent Bank230 West Main Street, Ionia, MI 48846January 01, 1890Full Service Brick and Mortar
1263511Mt Pleasant Branch319 East Broadway, Mount Pleasant, MI 48858January 01, 1890Full Service Brick and Mortar
2263512Midland Branch210 South Saginaw, Midland, MI 48640January 01, 1890Full Service Brick and Mortar
10263517Standish Branch209 South Main Street, Standish, MI 48658January 01, 1890Full Service Brick and Mortar
100263525Bay City Euclid Branch745 North Euclid, Bay City, MI 48706January 01, 1890Full Service Brick and Mortar
101263526Essexville Branch1615 West Center, Essexville, MI 48732January 01, 1890Full Service Brick and Mortar
102263527Auburn Branch1004 West Midland Road, Auburn, MI 48611January 01, 1890Full Service Brick and Mortar
104263529Pinconning Branch408 Mable Street, Pinconning, MI 48650January 01, 1890Full Service Brick and Mortar
106263531Saginaw Center Branch1445 N. Center, Saginaw, MI 48638January 01, 1890Full Service Brick and Mortar
109263534Bay City Broadway Branch800 Broadway, Bay City, MI 48708January 01, 1890Full Service Brick and Mortar
126360254Bovee Student Center Branch103 East Preston 2nd Floor, Mount Pleasant, MI 48858June 04, 2001Full Service Brick and Mortar
13611135Hale Branch114 N Washington St, Hale, MI 48739Febuary 14, 1952Full Service Brick and Mortar
137240393Whittemore Branch205 North Bullock Street, Whittemore, MI 48770August 15, 1960Full Service Brick and Mortar
140240397Tawas Branch17 East M-55, Tawas City, MI 48763December 04, 1985Full Service Brick and Mortar
141240398Alpena Branch2708 U.S. 23, Alpena, MI 49707June 29, 1989Limited Service Facility
142240399Oscoda Branch4452 East County Road, Oscoda, MI 48750May 23, 1990Full Service Brick and Mortar
1439253Rogers City Branch111 West Michigan Avenue, Rogers City, MI 49779December 18, 1890Full Service Brick and Mortar
14410966Hillman Branch118 State Street, Hillman, MI 49746Febuary 01, 1950Full Service Brick and Mortar
145240400Rose City Branch508 Bennett, Rose City, MI 48654November 26, 1993Full Service Brick and Mortar
146186774Hubbard Lake Branch14963 Hubbard Lake Road, Hubbard Lake, MI 49747May 22, 1974Full Service Brick and Mortar
148263514West Branch Branch700 West Houghton Avenue, West Branch, MI 48661January 01, 1890Full Service Brick and Mortar
149263519East Tawas Branch228 Newman Street, East Tawas, MI 48730January 01, 1890Full Service Brick and Mortar
150364051Alpena M-32 Branch1324 M-32 West Alpena, Alpena, MI 49707July 01, 2002Full Service Brick and Mortar
15115309Gaylord Main521 West Main Street, Gaylord, MI 49735July 01, 1975Full Service Brick and Mortar
152254001Aspen Park Branch1157 South Otsego, Gaylord, MI 49735September 22, 1982Full Service Brick and Mortar
153366193Houghton Lake Branch2263 West Houghton Lake Drive, Houghton Lake, MI 48629December 16, 2002Full Service Brick and Mortar
154443924Saginaw Cardinal Square Branch3550 Tittabawassee Road, Saginaw, MI 48604June 01, 2005Full Service Brick and Mortar
156264289Bridgeport Branch5500 Dixie Highway, Saginaw, MI 48601January 01, 1890Full Service Brick and Mortar
157264290Saginaw State St Branch3601 State Street, Saginaw, MI 48602January 01, 1890Full Service Brick and Mortar
158264293Saginaw Gratiot Road Branch5470 Gratiot Road, Saginaw, MI 48638January 01, 1890Full Service Brick and Mortar
159264298Fashion Square Mall Branch4850 Bay Road, Saginaw, MI 48604January 01, 1890Full Service Brick and Mortar
160289937Saginaw Valley Branch7400 Bay Road, University Center, MI 48710June 30, 1996Full Service Brick and Mortar
16115344East Beltline Branch4200 East Beltline Avenue, Grand Rapids, MI 49525August 21, 1975Full Service Brick and Mortar
162254071Sparta Branch525 S State St, Sparta, MI 49345June 28, 1978Full Service Brick and Mortar
1637277Howard City Branch720 West Shaw, Howard City, MI 49329January 01, 1878Full Service Brick and Mortar
164224505Sand Lake Branch5 Third Street, Sand Lake, MI 49343May 25, 1959Full Service Brick and Mortar
165224506Croton Hardy Branch7389 Croton Hardy Drive, Newaygo, MI 49337December 02, 1974Full Service Brick and Mortar
166224507Cedar Springs Branch4115 17 Mile Road, Cedar Springs, MI 49319December 01, 1979Full Service Brick and Mortar
1677274Newaygo Branch40 N State Street, Newaygo, MI 49337January 01, 1884Full Service Brick and Mortar
1686498White Cloud Branch1075 Wilcox Avenue, White Cloud, MI 49349July 01, 1910Full Service Brick and Mortar
169254072Plainfield Office3090 Plainfield N E, Grand Rapids, MI 49505November 24, 1997Full Service Brick and Mortar
170263532Big Rapids Branch404 Perry Street, Big Rapids, MI 49307January 01, 1890Full Service Brick and Mortar
171364275Cascade Road Branch6750 Cascade Road, Grand Rapids, MI 49546July 29, 2002Full Service Brick and Mortar
172419593Alpine Branch3800 Alpine Ave Nw, Comstock Park, MI 49321November 14, 2002Full Service Brick and Mortar
174440006Rockford Branch78 South Main Street, Rockford, MI 49341March 21, 2005Full Service Brick and Mortar
175441068Carson City Branch323 West Main Street, Carson City, MI 48811May 02, 2005Full Service Brick and Mortar
176441069Belding Drive In310 West Main Street, Belding, MI 48809May 02, 2005Limited Service Facility
177441070Belding Branch130 South Bridge Street, Belding, MI 48809May 02, 2005Full Service Brick and Mortar
178441071South Ionia Branch2551 South State Road, Ionia, MI 48846May 02, 2005Full Service Brick and Mortar
179441072Ionia Point Branch450 South Dexter Street, Ionia, MI 48846May 02, 2005Full Service Brick and Mortar
181441075Lyons Branch302 Bridge Street, Lyons, MI 48851May 02, 2005Full Service Brick and Mortar
182441076Saranac Branch29 Church Street, Saranac, MI 48881May 02, 2005Full Service Brick and Mortar
183443299Grand Rapids - Downtown Branch86 Monroe Center Nw Suite 101, Grand Rapids, MI 49503October 19, 2004Full Service Brick and Mortar
184451594Norton Shores Branch5969 Harvey Street, Suite 100, Norton Shores, MI 49441June 24, 2004Full Service Brick and Mortar
185453315Standale Branch4525 Lake Michigan Dr, Walker, MI 49534December 12, 2005Full Service Brick and Mortar
1868071Troy Main Branch201 West Big Beaver Road, Suite 125, Troy, MI 48084January 01, 1904Full Service Brick and Mortar
187227826Unionville Branch6586 Center Street, Unionville, MI 48767November 23, 1981Full Service Brick and Mortar
1889293Kingston Branch5854 State Street, Kingston, MI 48741January 01, 1912Full Service Brick and Mortar
189232278Snover Branch1504 Main Street, Snover, MI 48472January 16, 1967Limited Service Facility
190232279Marlette Branch2593 South Van Dyke, Marlette, MI 48453May 26, 1992Full Service Brick and Mortar
191227827North Branch4046 Huron Street, North Branch, MI 48461April 30, 1994Full Service Brick and Mortar
192252701Clio Branch3500 West Vienna Road, Clio, MI 48420August 31, 1981Full Service Brick and Mortar
193227829North Branch Drive Up3765 Huron Street, North Branch, MI 48461March 04, 1996Limited Service Facility
1946755Bad Axe Branch305 East Huron Avenue, Bad Axe, MI 48413July 10, 1886Full Service Brick and Mortar
195222671Northgate Branch655 North Port Crescent Street, Bad Axe, MI 48413Febuary 18, 1966Full Service Brick and Mortar
196222672Caseville Branch6727 Main Street, Caseville, MI 48725August 09, 1937Full Service Brick and Mortar
197222673Elkton Branch47 North Main Street, Elkton, MI 48731April 02, 1956Full Service Brick and Mortar
198222674Kinde Branch25 West Kinde Road, Kinde, MI 48445April 02, 1956Full Service Brick and Mortar
199222676Ubly Branch4495 Garfield Street, Ubly, MI 48475March 18, 1935Full Service Brick and Mortar
200670Sebewaing BranchOne West Main Street, Sebewaing, MI 48759August 01, 1919Full Service Brick and Mortar
201187464Gagetown Branch4761 State Street, Gagetown, MI 48735October 31, 1958Full Service Brick and Mortar
202263515Cass City Branch6241 Main Street, Cass City, MI 48726January 01, 1890Full Service Brick and Mortar
203263520Pigeon Branch75 South Main Street, Pigeon, MI 48755January 01, 1890Full Service Brick and Mortar
204263521Sebawaing M-25 Branch8880 Unionville Road, Sebewaing, MI 48759January 01, 1890Full Service Brick and Mortar
205418693Lake Orion Loan Production Office400 South Broadway, Lake Orion, MI 48362March 15, 2003Limited Service Loan Production
206418707Lapeer Branch1985 West Genesee Street, Lapeer, MI 48446September 30, 2002Full Service Brick and Mortar
207261994Livonia Branch37601 Five Mile Road, Livonia, MI 48154June 03, 1991Full Service Brick and Mortar
208261995Beverly Hills Branch32800 Southfield Road, Beverly Hills, MI 48025August 19, 1991Full Service Brick and Mortar
209261996Bloomfield Hills Branch4140 West Maple Road, Bloomfield Hills, MI 48301August 19, 1996Full Service Brick and Mortar
210261997Farmington Hills Branch32900 Middlebelt Road, Farmington Hills, MI 48334March 30, 1998Full Service Brick and Mortar
211261998Troy North Branch5950 Rochester Road, Troy, MI 48085July 20, 1998Full Service Brick and Mortar
212428793Caro Branch1111 West Caro Road, Caro, MI 48723June 01, 2004Full Service Brick and Mortar
213466302Shelby Township Branch49785 Van Dyke Ave, Shelby Township, MI 48317May 31, 2007Full Service Brick and Mortar
2148714West Road Branch2900 West Road, Suite 100, East Lansing, MI 48823December 31, 1886Full Service Brick and Mortar
215230650Rives Junction Branch348 Main Street, Rives Junction, MI 49277May 22, 1972Full Service Brick and Mortar
216230651Pleasant Lake Branch11628 Bunkerhill Road, Pleasant Lake, MI 49272August 21, 1974Full Service Brick and Mortar
2175208Olivet Branch112 South Main Street, Olivet, MI 49076June 15, 1916Full Service Brick and Mortar
218230740Vermontville Branch194 Main St, Vermontville, MI 49096January 03, 1955Full Service Brick and Mortar
219230744Potterville Branch320 Vermontville Highway, Potterville, MI 48876December 11, 1967Full Service Brick and Mortar
220230754Williamston Branch1245 East Grand River Avenue, Williamston, MI 48895September 22, 1978Full Service Brick and Mortar
221230755Eaton Rapids Branch2461 South Michigan Road, Eaton Rapids, MI 48827September 25, 1978Full Service Brick and Mortar
222230652Charlotte Branch129 Lansing St, Charlotte, MI 48813April 03, 1989Full Service Brick and Mortar
223230653Okemos Branch2119 Hamilton Road, Okemos, MI 48864April 23, 1997Full Service Brick and Mortar
224264260Richland Branch9010 East D Ave., Richland, MI 49083January 01, 1890Full Service Brick and Mortar
225264263Bellevue Branch204 W. Capital Avenue, Bellevue, MI 49021January 01, 1890Full Service Brick and Mortar
226230654Mason Branch190 Kipp Road, Mason, MI 48854August 16, 1999Full Service Brick and Mortar
227263538Bc Meijer Branch2151 W. Columbia, Battle Creek, MI 49015January 01, 1890Full Service Brick and Mortar
228264777Bc North Branch701 North Avenue, Battle Creek, MI 49017January 01, 1925Full Service Brick and Mortar
230418730Okemos Loan Production Branch2390 Woodlake Drive, Suite 300, Okemos, MI 48864March 24, 2003Limited Service Loan Production
231440783Portland Branch1601 East Grand River Avenue, Portland, MI 48875May 02, 2005Full Service Brick and Mortar
232451915Leslie Office Branch144 S. Main Street, Leslie, MI 49251June 19, 2006Full Service Brick and Mortar
233453303East Lansing Branch1380 Lake Lansing Road, East Lansing, MI 48823Febuary 01, 2006Full Service Brick and Mortar
234264259Lakeview Branch290 E. Columbia Avenue, Battle Creek, MI 49015January 01, 1890Full Service Brick and Mortar
235264261Pennfield Branch1295 Capital Avenue, Northeast, Battle Creek, MI 49017January 01, 1890Full Service Brick and Mortar
236264266Urbandale Branch1 North Bedford Road, Battle Creek, MI 49037January 01, 1890Full Service Brick and Mortar
237468269Bay City Branch623 Washington Avenue, Bay City, MI 48708September 15, 2007Full Service Brick and Mortar
238470526Muskegon Branch3251 Henry Street, Muskegon, MI 49441December 05, 2007Full Service Brick and Mortar
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