| Business Summary | | Independent
Bank
Corporation
is
a
bank
holding
company
with
five
subsidiary
banks,
namely
Independent
Bank,
Independent
Bank
West
Michigan,
Independent
Bank
South
Michigan,
Independent
Bank
East
Michigan
and
Independent
Bank
MSB
(the
Banks).
The
Banks
transact
business
in
the
single
industry
of
commercial
banking.
Their
activities
cover
traditional
phases
of
commercial
banking,
including
checking
and
savings
accounts,
commercial
and
agricultural
lending,
direct
and
indirect
consumer
financing,
mortgage
lending
and
deposit
box
services. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | IBCP,
a
bank
holding
company,
serves
suburban
and
rural
communities
in
lower
Michigan.
For
the
six
months
ended
6/01,
interest
income
rose
5%
to
$70.7
million.
Net
interest
income
after
loan
loss
prov.
rose
8%
to
$35.4
million.
Net
income
before
acct.
change
rose
27%
to
$11.5
million.
Net
interest
income
reflects
increased
interest
and
fees
on
loans
and
a
decline
in
the
cost
of
funds.
Net
income
also
reflects
gains
on
the
sale
of
mortgage
loans
and
higher
service
charges. | More
from
Market Guide: Significant
Developments |
| | | | FY2000
Compensation | | Pay | Exer | |
| Charles Van Loan, 53 Pres,
Chief Exec. | $392K | $8.0K | Robert Shuster, 43 CFO | 190K | 80.9K | Richard Butler, 49 Sr.
VP, Operations - Independent Bank Corp. | -- | -- | Peter Graves, 43 Sr.
VP, Commercial Loans - Independent Bank Corp. | -- | -- | Ronald Long, 41 Pres
and CEO - Independent Bank, East Michigan | 227K | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.; "Exer" is the value of options excercised during the fiscal year. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|