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

Rhea-AI Summary

Independent Bank Corporation (NASDAQ: IBCP) declared a quarterly cash dividend of 23 cents per share, marking a 5% increase from 2022 levels. The dividend will be paid on February 24, 2023 to shareholders recorded by February 16, 2023. This is the tenth consecutive annual dividend increase, indicative of the company's strong capital position and positive future outlook. President and CEO William B. Kessel highlighted the sustained operating performance as a key factor in this decision. Independent Bank Corporation operates a community banking network across Michigan, with total assets of approximately $5 billion.

Positive

• Quarterly dividend increased by 5% over 2022, enhancing income for shareholders.
• Tenth consecutive annual dividend increase demonstrating company confidence and stability.
• Strong capital position supports future growth and shareholder returns.

Negative

• None.

GRAND RAPIDS, Mich., Feb. 06, 2023 (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 23 cents per share. This dividend is payable on February 24, 2023 to shareholders of record on February 16, 2023. The quarterly dividend represents a 5% increase over the quarterly dividend rate paid for each quarter in 2022.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “This marks the tenth consecutive annual increase in our dividend for our shareholders. Our consistent long-term operating performance, a strong capital position and an optimistic outlook for our future supports our board’s decision for this dividend increase.”

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.0 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 latest dividend amount declared by Independent Bank Corporation (IBCP)?

Independent Bank Corporation declared a quarterly cash dividend of 23 cents per share.

When will the dividend for IBCP be paid?

The dividend will be paid on February 24, 2023.

What date is the record for shareholders to receive the IBCP dividend?

Shareholders must be on record by February 16, 2023, to receive the dividend.

How much has IBCP increased its dividend compared to last year?

The dividend represents a 5% increase over the quarterly rate paid in 2022.

How many consecutive annual increases has IBCP had for its dividend?

This marks the tenth consecutive annual increase in the dividend for IBCP.