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1 star rating based on 1 review.

Independent Bank

Independent Bank Locations
230 West Main Street
Ionia, MI 48846
888-300-3193
www.ibcp.com

Independent Bank is headquartered in Ionia and is the 4th largest bank in the state of Michigan. It is also the 289th largest bank in the nation. It was established in 1890 and as of March of 2012, it had grown to 1,077 employees at 107 locations. Independent Bank has a 2-star health rating.

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See Rates for: Checking | Savings | Money Market | CD

Independent Bank Checking Account Rates

ApyMinMaxProduct
0.25%$50k-Complete Checking
0.05%--Custom Checking

Independent Bank Savings Account Rates

ApyMinMaxProduct
0.20%--Eagle Savings
0.20%--Swift! Savings
0.20%--Holiday Savers
0.20%$10k-Health Savings Account

Independent Bank Money Market Rates

ApyMinMaxProduct
0.35%$100k-Excel Money Market Account
0.25%$5k-Money Market Account

Independent Bank CD Rates

ApyMinMaxProduct
0.70%$500-24 Month CD
0.67%$1k-13 Month Relationship CD Special
0.40%$500-12 Month CD
0.30%$500-6 Month CD

Rates updated: 5/25/2012

Data for Q1 2012


Institution Statistics


Independent Bank
FDIC Certificate #27811
BankRate ReportView
Year Established1890
Employees1077
Primary RegulatorFED

Assets and Liabilities

Assets$2.42 billion
Loans$1.52 billion
Deposits$2.19 billion
Equity Capital$156.27 million
Loan Loss Allowance$56.01 million
Unbacked Noncurrent Loans$51.73 million
Real Estate Owned$30.13 million

Historic Data - March 2011

Assets$2.48 billion
Equity Capital$163.28 million
Loan Loss Allowance$66.14 million
Unbacked Noncurrent Loans$59.83 million
Real Estate Owned$37.31 million

Profit Margin - Quarterly

Net Interest Margin4.48%
Return on Assets0.77%
Return on Equity11.82%
Interest Income$25.96 million

Institution Health


Overall Score:
2 out of 5
2
Texas Ratio2
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of March 31, 2012 Independent Bank had $81.86 million in non-current loans and owned real-estate with $212.27 million in equity and loan loss allowances on hand to cover it. This gives Independent Bank a Texas Ratio of 38.56% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Independent Bank held steady from 42.35% as of March 31, 2011 to 38.56% as of March 31, 2012, resulting in a positive change of 8.95%.This indicates that the balance sheet and financial strength for Independent Bank has held steady in recent periods.
Deposit Growth2
In the past year, Independent Bank has decreased its total deposits by -$39.87 million, resulting in -1.79% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Independent Bank has shown is below average.
Capitalization3
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Independent Bank has $2.42 billion in assets with $212.27 million in equity, resulting in a capitalization level of 8.78%, which is average.
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Dishonest And Poor Customer Service
1 stars - bkboelens84 - Thursday, March 15, 2012 - 1:16 PM

Independent Bank needs to revise their overdraft protection policy. The location in Standale is located near Grand Valley State University and has many first-time bankers and the worst policy for correcting errors on your account. You are only allowed until the end of THEIR business day to transfer funds or deposit funds into your account to avoid overdraft fees. Many peope are in class, take the bus, have unconventional working hours, etc...where they are unable to rectify any errors. In addition, the majority of their staff is helpful, but Vickie H. was extremely rude and unprofessional when my mom and I attempted to fix a situation in which they charged almost $200.00 in fees after I went through the ATM and transferred funds to cover a negative checking account balance and then deposited $60.00 into my savings account. She was unfamiliar with standard banking practices, lied to my face and over the phone and practiced extremely poor customer service. I would not recommend Independent Bank to anyone that has a life outside of watching their account!!

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