Independent Bank Corporation - Company Capsule by ICDResearch

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									Independent Bank Corporation

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Independent Bank Corporation - Company
Capsule
Reference Code: FS0070CC
Published Date: April 2011




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Independent Bank Corporation - Company Profile                                      Page 1
Independent Bank Corporation

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Independent Bank Corporation - Company Overview

Independent Bank Corporation (IBC) is a US based holding company. The company is engaged in the commercial
banking and retail banking business to offer a wide range of financial products and services. The company’s business
activities are principally concentrated in Michigan’s Lower Peninsula. It operates through two reportable business
segments, namely, Independent Bank segment which is engaged in the brokerage and banking business and Mepco
Finance Corporation segment which provides payment plans to extend automobile warranties. It serves its customers with
105 branches, three drive-thru facilities and five loan production offices. It owns Independent Bank. The company is
headquartered in Ionia, Michigan, US.


Financial Performance

The company reported revenue of US$189.06 million during the year 2009.The company's revenue declined at a
compounded rate of 7.97% during the period 2007-2009 with a year on year decline of 7.20% over fiscal year 2008.
During the fiscal year 2009, its operating margin was -49.42% as against the operating margin of -43.48% in the fiscal
year 2008. During the fiscal year 2009, the company’s net profit margin was -47.72% as against the net profit margin of -
44.98% in the fiscal year 2008.




Independent Bank Corporation - Key Facts

Independent Bank Corporation, Key Facts

                                  230 West Main Street, Ionia,
                                  Michigan (MI), 48846, United      Ticker Symbol, Stock
Corporate Address:                                                                             IBCP (NASDAQ)
                                                                    Exchange
                                  States


Telephone                          + 1 616 5279450                  No. of Employees           1,034



Fax                                + 1 616 5274004                  Financial Year End         December



URL                               www.IndependentBank.com           Revenue (in USD Million)   189.06



Industry                          Financial Services



Locations                         United States

Source: Annual Report, Company Website, Primary and Secondary Research




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Independent Bank Corporation - Company Profile                                                                   Page 2
Independent Bank Corporation

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Independent Bank Corporation - Major Products and Services

Independent Bank Corporation is engaged in the commercial banking and retail banking business to offer a wide range of
financial products and services. The company’s key services include the following:

Independent Bank Corporation, Major Products and Services
Services:

Personal Banking:

Checking and Savings

Consumer Loans

Home Mortgages

Business Banking:

Checking and Savings

Personal Online Banking Services

Independent Financial and Insurance Services

Business Advantage Services:

Lockbox Services

Other banking services
Source: Annual Report, Company Website, Primary and Secondary Research




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Independent Bank Corporation - Company Profile                                                                 Page 3
Independent Bank Corporation

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Independent Bank Corporation - Key Competitors

The following companies are the major competitors of Independent Bank Corporation:

Chemical Financial Corporation

Dearborn Bancorp, Inc.

Flagstar Bancorp, Inc.

Mackinac Financial Corporation

Mercantile Bank Corporation

Fifth Third Bancorp

Firstbank Corporation

Community Shores Bank Corporation




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Independent Bank Corporation - Company Profile                                       Page 4
Independent Bank Corporation

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Independent Bank Corporation - Key Employees


Independent Bank Corporation, Key Employees


          Name                             Job Title                       Board Level     Since   Age


Charles A. Palmer          Director                                  Non Executive Board   1991    65


Charles C. Van Loan        Director                                  Non Executive Board   2005    62


Clarke B. Maxson           Director                                  Non Executive Board   2007    70


                           Executive Vice President - Retail
David C. Reglin                                                      Senior Management     1998    50
                           Banking


Donna J. Banks             Director                                  Non Executive Board   2005    53


James E. McCarty           Director                                  Non Executive Board   2002    63


James Twarozynski          Controller, Senior Vice President         Senior Management     2002    44


Jeffrey A. Bratsburg       Chairman                                  Executive Board       2009    66


                           Chief Executive Officer, President,
Michael M. Magee Jr.                                                 Executive Board       2005    54
                           Director

                           Chief Information Officer, Senior Vice
Peter Graves                                                         Senior Management     2007    53
                           President


Richard Butler             Senior Vice President - Operations        Senior Management     1998    59


Robert L. Hetzler          Director                                  Non Executive Board   1999    65


                           Chief Financial Officer, Executive Vice
Robert N. Shuster                                                    Senior Management     2001    52
                           President

                           Executive Vice President, Chief
Stefanie M. Kimball                                                  Senior Management     2007    50
                           Lending Officer


Stephen L. Gulis Jr.       Director                                  Non Executive Board   2004    52


Terry L. Haske             Director                                  Non Executive Board   1996    62


                           Chief Operating Officer, Executive Vice
William Brad Kessel                                                Senior Management       2007    45
                           President
Source: Annual Report, Company Website, Primary and Secondary Research




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Independent Bank Corporation - Company Profile                                                          Page 5
Independent Bank Corporation

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Independent Bank Corporation - Locations and Subsidiaries

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