Independent Bank - South Michigan
East Lansing, MI — Domestic Branch of a Domestic Bank
Acquired Sep 2007
Vitals
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Total Assets539.8M 8.9 %
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Total Deposits487.0M 16.1 %
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Total Net Loans349.6M 1.8 %
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Net Income
-
Book Value43.9M 26.1 %
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Book Value x287.9M 26.1 %
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Book Value x3131.8M 26.1 %
Balance Sheet Highlights
| Financial Highlights | Independent Bank - South Michigan | All Insured Commercial Banks in Michigan |
| Balance Sheet $(000) | ||
| Total Assets | 539,806 | 236,129 |
| Total Net Loans | 349,550 | 191,008 |
| Total Deposits | 486,973 | 191,913 |
| Total Equity | 43,936 | 24,192 |
| Profitability | ||
| Net Income | — | 8,375 |
| Return on Average Assets | — | 1.249 |
| Return on Average Equity | — | 9.191 |
| Net Interest Margin | 3.577 | 4.037 |
| Efficiency Ratio | 71.707 | 69.92 |
| Noninterest Income/Revenue | 20.806 | 11.957 |
| Balance Sheet Ratios | ||
| Loan-to-Deposit | 71.78 | 91.779 |
| Securities/Assets | .183 | .912 |
| Total Equity/Total Assets | .081 | .102 |
| Tangible Equity/Tangible Assets | .055 | -.333 |
| Capital Adequacy | ||
| Tier 1 Common Capital | — | — |
| Tier 1 Capital | 32,602 | 22,103 |
| Tier 2 Capital | 4,635 | 2,702 |
| Total Capital | 37,237 | 24,212 |
| Total Risk Weighted Assets | 364,295 | 182,532 |
| Leverage Ratio | 6.09 | 10.398 |
| Common Equity Tier 1 Capital Ratio | — | — |
| Tier 1 Capital Ratio | 8.95 | 14.235 |
| Total Capital Ratio | 10.22 | 15.4 |
Timeline for Independent Bank - South Michigan
Independent Bank
Independent Bank - South Michigan was acquired by Independent Bank 16 years
View Profile Sep 15 2007
Ibc Financial Services South Michigan Inc.
Ibc Financial Services South Michigan Inc. became a new subsidiary organization for Independent Bank - South Michigan.
View Profile Apr 28 2003
Independent Mortgage Company-South Michigan
Independent Mortgage Company-South Michigan became a new subsidiary organization for Independent Bank - South Michigan.
View Profile May 01 1998
Independent Title Services, Inc.
Independent Title Services, Inc. became a new subsidiary organization for Independent Bank - South Michigan.
View Profile Aug 26 1996
Independent Bank - South Michigan
Acquisition: Independent Bank - South Michigan acquired a new subsidiary, Independent Bank - South Michigan, 38 years
View Profile Jul 22 1985
Want to see more?
Complete timeline for Independent Bank - South Michigan is available.
View Complete Timeline| Acquisitions & Mergers | Role | Assets | Acct Method | Type | Transaction Date |
| Independent Bank | Buyer | 2,526,827 | Pooling of Interests | Discontinued | 9/15/2007 |
| Independent Bank - South Michigan | Seller | 11,158 | Discontinued | 7/22/1985 |
| Relationships | Role | Relationship Start | Relationship End |
| Independent Bank Corporation | Parent | 2/16/1981 | 9/14/2007 |
| Independent Title Services, Inc. | Subsidary | 8/26/1996 | 9/14/2007 |
| Independent Mortgage Company-South Michigan | Subsidary | 6/30/2007 | 9/14/2007 |
| Ibc Financial Services South Michigan Inc. | Subsidary | 6/30/2007 | 9/14/2007 |
| Independent Mortgage Company-South Michigan | Subsidary | 5/1/1998 | 6/29/2007 |
| Ibc Financial Services South Michigan Inc. | Subsidary | 4/28/2003 | 6/29/2007 |
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