Independent Bank is headquartered in Ionia and is the 4th largest bank in the state of Michigan. It is also the 329th largest bank in the nation. It was established in 1890 and as of September of 2013, it had grown to 841 employees at 75 locations. Independent Bank has a B+ health rating.
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Dishonest And Poor Customer Service
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!!
Independent Bank has the most Rude And Unprofessional Staff/ Service.
I have bank with Independent bank for Years, and going into certain branches they were polite and professional, however when you branch out and visit other locations, and apply for different services the staff becomes very rude, unprofessional, and they tend to discriminate against people, of certain status, one loan officer laugh in my face and made fun of my situation, and said some very hurtful things, when you call to complain, they all stick together, and never listen to anything that customers are saying, I regret ever dealing with this bank, and just as soon as my business is finished with them I will be leaving indpendent bank, the tellers at the 800 number are rude, and the saddest thing is I've been with this bank a lot longer than more people have been working there, I will never apply for anything there again....VERY RUDE AND UNPROFESSIONAL LOAN OFFICERS AND UPPER MANAGEMENT!
Data for Q3 2013
Institution Health
Texas Ratio
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 September 30, 2013 Independent Bank had $36.71 million in non-current loans and owned real-estate with $279.52 million in equity and loan loss allowances on hand to cover it. This gives Independent Bank a Texas Ratio of 13.13% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Independent Bank decreased dramatically from 30.95% as of September 30, 2012 to 13.13% as of September 30, 2013, resulting in a positive change of 57.56%.This indicates that the balance sheet and financial strength for Independent Bank has improved dramatically in recent periods.
Deposit Growth
In the past year, Independent Bank has decreased its total deposits by -$304.32 million, resulting in -13.95% 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 poor.
Capitalization
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 $2.17 billion in assets with $279.52 million in equity, resulting in a capitalization level of 12.87%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 27811 |
| Year Established | 1890 |
| Employees | 841 |
| Primary Regulator | FED |
| Assets and Liabilities | |
|---|---|
| Assets | $2.17 billion |
| Loans | $1.37 billion |
| Deposits | $1.88 billion |
| Equity Capital | $245.08 million |
| Loan Loss Allowance | $34.44 million |
| Unbacked Noncurrent Loans | $20.29 million |
| Real Estate Owned | $16.42 million |
| Historic Data - September 2012 | |
|---|---|
| Assets | $2.40 billion |
| Equity Capital | $173.28 million |
| Loan Loss Allowance | $48.02 million |
| Unbacked Noncurrent Loans | $20.29 million |
| Real Estate Owned | $29.72 million |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.44% |
| Return on Assets | 4.26% |
| Return on Equity | 40.87% |
| Interest Income | $66.29 million |
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Independent Bank Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | $2,500 | - | Health Savings Account | |
| 0.10% | - | - | Eagle Savings | |
| 0.10% | - | - | Swift! Savings | |
| 0.10% | - | - | Holiday Savers |
Independent Bank Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $50k | - | Excel Money Market Account | |
| 0.15% | - | - | Money Market Account |
Independent Bank Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | $50k | - | Complete Checking | |
| 0.01% | - | - | Custom Checking |
Independent Bank CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.51% | $1k | - | 18 Month CD Special | |
| 0.45% | $500 | - | 24 Month CD | |
| 0.35% | $500 | - | 12 Month CD | |
| 0.32% | $1k | - | 4 Month CD Special | |
| 0.20% | $500 | - | 6 Month CD |
Independent Bank has 74 locations. Click to view all Independent Bank locations.