Independent Bank Corporation Announces 5% Increase in Quarterly Cash Dividend on Common Stock

Rhea-AI Summary

Independent Bank Corporation (NASDAQ: IBCP) announced a quarterly cash dividend of 22 cents per share, payable on February 15, 2022. This represents a 5% increase over 2021 quarterly dividends. CEO William B. Kessel attributes this dividend increase to the bank's strong capital position and positive outlook for 2022. With total assets around $4.6 billion, Independent Bank operates across Michigan, offering a range of financial services.

Positive

• Quarterly dividend increased by 5% over 2021.
• Strong capital position supports future dividend increases.
• Positive outlook for 2022.

Negative

• None.

GRAND RAPIDS, Mich., Jan. 24, 2022 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 22 cents per share. This dividend is payable on February 15, 2022 to shareholders of record on February 4, 2022. The quarterly dividend represents a 5% increase over the quarterly dividend rate paid for each quarter in 2021.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: "Our continued strong capital position provides the foundation for increasing our dividend. As we enter 2022, this strong capital position and our positive outlook on our future supports this dividend increase.”

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $4.6 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance services. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

For more information, please visit our Web site at: IndependentBank.com.

Contact:	William B. Kessel, President and CEO, 616.447.3933
	Gavin A. Mohr, Chief Financial Officer, 616.447.3929

       
                 

 

FAQ

What is the dividend amount declared by Independent Bank Corporation (IBCP)?

Independent Bank Corporation declared a quarterly cash dividend of 22 cents per share.

When will the dividend be paid for IBCP?

The dividend will be paid on February 15, 2022, to shareholders of record on February 4, 2022.

How much has the dividend increased for IBCP compared to 2021?

The quarterly dividend for IBCP has increased by 5% compared to 2021.

What are the total assets of Independent Bank Corporation (IBCP)?

Independent Bank Corporation has total assets of approximately $4.6 billion.

What is the reason for the dividend increase by IBCP?

The increase is attributed to the bank's strong capital position and a positive outlook for 2022.