IBCP News & Events

Independent Bank Corporation, the parent company of Independent Bank, with total assets of approximately $5.5B, and HCB Financial Corp., the parent company of Highpoint Community Bank, with total assets of approximately $590M, previously announced the signing of a definitive merger agreement on March 18 for IBCP to acquire HCB. The proposed transaction has been approved by HCB shareholders. As previously announced, the proposed transaction has also been approved by both the Federal Reserve Bank of Chicago and the Michigan Department of Insurance and Financial Services. The merger of IBCP and HCB is currently expected to be effective on July 1, the company stated.

Reports Q1 CET1 capital ratio 11.43%. William Kessel, the president and CEO of Independent Bank Corporation, commented: "Our first quarter results reflect the strength of our core fundamentals, including growth in net interest income, expansion in our net interest margin to 3.65%, and continued growth in both loans and core deposits. Balance sheet growth remained disciplined, with $80.4 million in core deposit growth and $31.8 million in total loan growth, including $53.8 million, or 9.9% annualized, in commercial loans, reflecting continued execution of our strategic plan. Credit quality remains sound, and while geopolitical uncertainty has increased, we have not seen a direct impact on our customers and continue to monitor conditions closely. Profitability remained strong, with a return on average assets of 1.24% and a return on average equity of 13.43%. We remain encouraged by our momentum, optimistic about our opportunities, and confident in the benefits our recently announced merger with HCB Financial Corp. will provide to enhancing shareholder value."