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Independent Bank


Overview / Commentary
www.independentbank.com
616-363-1207
4200 E. Beltline Avenue Ne
Grand Rapids, MI 49525

Independent Bank is headquartered in GRAND RAPIDS and is the 3rd largest bank in the state of Michigan. It is also the 267th largest bank in the nation. It was established in 1890 and as of June of 2024, it had grown to 814 employees at 58 locations. Independent Bank's money market rates are 7X the national average, and it has an A health rating.

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Health
A

Data as of Q2 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #27811
Year Established1890
Employees814
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.39%
Return on Equity - YTD16.49%
Annual Interest Income$131.8MM
Assets and Liabilities
AssetsQ2 2024vs Q2 2023$5.27B$5.13B
LoansQ2 2024vs Q2 2023$3.81B$3.6B
DepositsQ2 2024vs Q2 2023$4.68B$4.56B
Equity CapitalQ2 2024vs Q2 2023$455.7MM$400.6MM
Loan Loss AllowanceQ2 2024vs Q2 2023$56.2MM$54MM
Unbacked Noncurrent LoansQ2 2024vs Q2 2023$4.5MM$4MM
Real Estate OwnedQ2 2024vs Q2 2023$848K$658K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Independent Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%*$250k*-Eagle Savings
OTHER TIERS: 0.01% → $0 - $10k | 0.10% → $10k - $25k | 0.16% → $25k - $50k | 0.32% → $50k - $100k | 0.75% → $100k - $250k
1.10%*$250k*-Swift Savings
OTHER TIERS: 0.01% → $0 - $10k | 0.10% → $10k - $25k | 0.16% → $25k - $50k | 0.32% → $50k - $100k | 0.75% → $100k - $250k
0.03%*$2.5k*-Health Savings Account
OTHER TIERS: 0.01% → $0 - $2.5k

Independent Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.20%*$250k*-Relationship Money Market w/ Checking
OTHER TIERS: 0.06% → $0 - $10k | 0.15% → $10k - $25k | 0.90% → $25k - $50k | 1.81% → $50k - $100k | 2.53% → $100k - $250k
3.14%*$250k*-Relationship Money Market w/o Checking
OTHER TIERS: 0.01% → $0 - $10k | 0.10% → $10k - $25k | 0.85% → $25k - $50k | 1.76% → $50k - $100k | 2.48% → $100k - $250k

Independent Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.00%*$0$10kONE Account 46+ Transactions
OTHER TIERS: 0.10% → $10k+
1.51%*$0$10kONE Account 31-45 Transactions
OTHER TIERS: 0.10% → $10k+
0.75%*$0$10kONE Account 21-30 Transactions
OTHER TIERS: 0.10% → $10k+
0.25%*$0$10kONE Account 11-20 Transactions
OTHER TIERS: 0.10% → $10k+
0.10%*$10k*-ONE Account 0-10 Transactions
OTHER TIERS: 0.01% → $0 - $10k

Independent Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.66%$10k-3 Month CD Special - New Money
4.40%$1k-6 Month CD Special
3.83%$1k-13 Month CD Special
1.97%$500-24 Month CD
1.92%$500-12 Month CD
1.87%$500-6 Month CD

Independent Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.97%$500-24 Month IRA
1.92%$500-12 Month IRA
1.87%$500-6 Month IRA
Locations

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