Independent Bank Corporation Appoints Christopher Michaels as Chief Operating Officer

Independent Bank Corporation appoints Christopher Michaels as Chief Operating Officer, effective January 2, 2025.

Quiver AI Summary

Independent Bank Corporation has announced the appointment of Christopher Michaels as the new Chief Operating Officer, effective January 2, 2025. William B. Kessel, the company's President and CEO, praised Michaels as a proven leader with a strong understanding of the bank's business and a track record of driving transformation. Michaels, who has been with Independent Bank for twelve years and served as Chief Information Officer since January 2020, is expected to enhance customer service and support the bank's growth objectives. Established in 1864, Independent Bank Corporation operates across Michigan's Lower Peninsula, offering a range of financial services with total assets of about $5.3 billion.

Potential Positives

• Appointment of Christopher Michaels as Chief Operating Officer is expected to enhance operational effectiveness and customer service, aligning with the company's long-term growth goals.
• Christopher Michaels brings over 12 years of experience with Independent Bank, providing continuity and deep institutional knowledge to the leadership team.
• William B. Kessel's endorsement of Michaels highlights confidence in his leadership abilities and successful track record in driving organizational transformation.

Potential Negatives

• The appointment of a new Chief Operating Officer may indicate underlying issues with the previous leadership or gaps in the organization's operational strategy that necessitated this change.
• The statement about Mr. Michaels being a "proven leader" and having a "successful track record" might raise questions about why a new COO is needed if the previous leadership was effective.
• Limited information on the strategic direction under the new COO might create uncertainty among stakeholders about the company’s future operational plans.

FAQ

Who is the new Chief Operating Officer of Independent Bank Corporation?

Christopher Michaels has been appointed as the new Chief Operating Officer, effective January 2, 2025.

What previous position did Christopher Michaels hold at Independent Bank?

Before his appointment as COO, Christopher Michaels served as the Chief Information Officer and Senior Vice President since January 2020.

What is the total asset value of Independent Bank Corporation?

Independent Bank Corporation has total assets of approximately $5.3 billion.

When was Independent Bank Corporation founded?

Independent Bank Corporation was founded in 1864 as First National Bank of Ionia.

What services does Independent Bank provide?

Independent Bank offers a full range of financial services, including commercial banking, mortgage lending, investments, and insurance.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$IBCP Insider Trading Activity

$IBCP insiders have traded $IBCP stock on the open market 25 times in the past 6 months. Of those trades, 2 have been purchases and 23 have been sales.

Here’s a breakdown of recent trading of $IBCP stock by insiders over the last 6 months:

• PATRICK J ERVIN (Executive Vice President) purchased 275 shares.
• LARRY R JR DANIEL (Executive Vice President) sold 3,851 shares.
• GAVIN A. MOHR (Executive Vice President) purchased 800 shares.
• CHRISTINA KELLER has traded it 20 times. They made 0 purchases and 20 sales, selling 2,400 shares.
• STEFANIE M KIMBALL (Executive Vice President) has traded it 2 times. They made 0 purchases and 2 sales, selling 1,000 shares.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$IBCP Hedge Fund Activity

We have seen 74 institutional investors add shares of $IBCP stock to their portfolio, and 59 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• FJ CAPITAL MANAGEMENT LLC removed 407,448 shares (-33.6%) from their portfolio in Q3 2024
• BOSTON PARTNERS added 242,794 shares (+589.5%) to their portfolio in Q3 2024
• PROSHARE ADVISORS LLC added 219,097 shares (+inf%) to their portfolio in Q3 2024
• NUVEEN ASSET MANAGEMENT, LLC added 136,686 shares (+64.1%) to their portfolio in Q3 2024
• VANGUARD GROUP INC added 127,783 shares (+12.0%) to their portfolio in Q3 2024
• BLACKROCK, INC. removed 126,950 shares (-4.3%) from their portfolio in Q3 2024
• CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 114,487 shares (+202.3%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

GRAND RAPIDS, Mich., Jan. 02, 2025 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that Christopher Michaels has been appointed as the organization’s new Chief Operating Officer, effective January 2, 2025.

William B. (Brad) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Chris is a proven leader with a deep understanding of our business with a successful track record for driving transformation within our organization which makes him uniquely suited for this role. I am confident that this appointment will position us to better serve our customers and achieve our long-term growth goals.”

Since January 2020, Mr. Michaels has served as the Chief Information Officer and Senior Vice President of Independent Bank. Mr. Michaels has been with the organization for twelve years.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 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. 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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.