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By The Online Investor Staff, updated Mon., Jan. 26, 3:26 PM

Slide #3. Independent Bank Corporation

Company: Independent Bank Corporation (NASDAQ:IBCP)
Share Amount Authorized: 5%
Buyback Details: On Jan. 21, 2015, the Board of Directors of the Company authorized a share repurchase plan. Under the terms of the share repurchase plan, the Company is authorized to buy back up to 5% of its outstanding common stock. The repurchase plan is authorized to last through Dec. 31, 2015. Under the Board authorized plan, the initiation of share repurchases is also subject to the receipt of an approval by the Michigan Department of Insurance and Financial Services of a return of capital request from the Company's wholly-owned subsidiary, Independent Bank. The Company intends to make this request prior to Jan. 31, 2015 in an amount of at least $15.0 million. The Company previously received approvals of return of capital requests in the amounts of $7.5 million in August 2013 and $15.0 million in March 2014.

Independent Bank is a bank holding company. Through its subsidiary, Independent Bank, Co. is engaged in commercial banking, providing a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. Most of Co.'s bank's branches provide lobby and drive-thru services, and automatic teller machines. In addition, Co. provides internet and mobile banking capabilities to its customers. Co.'s bank also provides title insurance services and investment and insurance services. At Dec 31 2013, Co. had total loans of $1.38 billion and deposits of $1.89 billion.
Open the IBCP Page at The Online Investor »

Company Name:  Independent Bank Corporation (Ionia, MI)
Sector:  Banking & Savings
Number of ETFs Holding IBCP:  14
Total Market Value Held by ETFs:  $7.32M
Total Market Capitalization:  $291.00M
% of Market Cap. Held by ETFs:  2.52%

Open the IBCP Page at The Online Investor (in a new window) »

January 26, 2015    3:26 PM Eastern
Quotes delayed 20 minutes

Buy (3.00 out of 4)
49th percentile
(ranked lower than approx. 51% of all stocks covered)
Based on Zacks ABR data;
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