Independent Bank Corporation · Ionia, MI United States ·(NASDAQ (GS): IBCP)
Company Description
Phone: 616-527-9450
Fax: 616-527-4004
Rankings
- S&P 600
View Independent Bank Corporation Locations On A US Map
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This link will open in a new window Independent Bank Corporation strikes out on its own. As the holding company for Independent Bank, it serves customers in rural and suburban communities of Michigan's Lower Peninsula from about more than 100 branches and about 10 loan production offices. The bank offers traditional retail products, including checking and savings accounts and certificates of deposit; its IBC Financial Services subsidiary offers insurance, and Independent Title Services provides title insurance. Another subsidiary, Mepco Finance, provides payment plans for extended automobile warranties. Real estate loans make up about 70% of the company's loan portfolio, followed by consumer installment loans and commercial loans. To read the full description, subscribe now.
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Key Independent Bank Corporation Financials
| Company Type | Public - NASDAQ (GS): IBCP Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $159.9 |
| 2008 Employees | 1,305 |
Independent Bank Corporation Executives
22 executives listed for Independent Bank Corporation's Ionia, MI location.
| Title | Name & Bio | Contact |
| Chairman | Robert Hetzler | Network |
| Michael Magee | Network | |
| EVP and COO | William Kessel | Network |
Competition
Competitive Landscape for Independent Bank Corporation
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Independent Bank Corporation Competitors
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