Independent Bank
Grand Rapids, Michigan, Kent County
$5.7B in total assets, the 266th largest of 4,309 US banks and 4th of 74 headquartered in Michigan.
- FDIC certificate
- 27811
- Established
- 1890
- Owned by
- Independent Bank Corp
- Primary regulator
- FED
- Website
- www.independentbank.com
At a glance
Compared with 17 banks headquartered in Michigan with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $5.7B | 82% | $1.5B | |
| Loans | $4.4B | 82% | $1.2B | |
| Deposits | $4.9B | 94% | $1.3B | |
| Return on assets | 1.36% | 59% | 1.26% | |
| Net interest margin | 3.72% | 29% | 3.81% | |
| Efficiency ratio | 61.5% | 47% | 62.4% | |
| Equity to assets | 9.12% | 35% | 9.41% | |
| Loans to deposits | 90% | 29% | 94% |
Growth
Total assets grew 4.9% a year over the last 5 years and 8.8% a year over 10 years, including 1 acquisition in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Apr 2018 | Traverse City State Bank Traverse City, MI | $342M |
| Sep 2007 | Independent Bank - South Michigan East Lansing, MI, an affiliate under the same holding company | $540M |
| Sep 2007 | Independent Bank-West Michigan Grand Rapids, MI, an affiliate under the same holding company | $769M |
| Sep 2007 | Independent Bank East Michigan Troy, MI, an affiliate under the same holding company | $696M |
| Jul 2004 | First National Bank of Gaylord Gaylord, MI | $155M |
| Sep 2001 | Independent Bank Ionia, MI, an affiliate under the same holding company | $471M |
| Dec 1985 | Peoples Savings and Loan Association of Battle Creek Battle Creek, MI | $97M |
Where they operate
59 branches in 24 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Kent County, MI | $798M | 3.1% | 8 of 24 |
| Oakland County, MI | $579M | 0.7% | 11 of 29 |
| Bay County, MI | $404M | 31.2% | 2 of 7 |
| Grand Traverse County, MI | $393M | 10.2% | 4 of 13 |
| Ingham County, MI | $373M | 3.8% | 8 of 17 |
| Ionia County, MI | $302M | 38.9% | 1 of 5 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net loss of 7 branches since 2016 (66 to 59, −10.6%). 3 opened, 5 acquired, 15 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 66 | |||
| 2016 | Closed Norton Shores | 0 | 1 | −1 | 65 |
| 2018 | Acquired Traverse City State Bank | 5 | 0 | +5 | 70 |
| 2020 | Opened BrightonClosed 7 in Michigan | 1 | 7 | −6 | 64 |
| 2022 | Opened HollandClosed 4 in Michigan | 1 | 4 | −3 | 61 |
| 2024 | Opened Clinton TownshipClosed 3 in Michigan | 1 | 3 | −2 | 59 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 35% | 36% | |
| Commercial real estate | 30% | 31% | |
| Business (C&I) | 15% | 13% | |
| Consumer | 12% | 2% | |
| Construction and land | 6% | 6% | |
| Multifamily | 3% | 4% | |
| Farmland | 0% | 1% | |
| Other | 0% | 6% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 61% | 49% | |
| Noninterest-bearing | 23% | 23% | |
| Time deposits | 16% | 28% |
Brokered deposits are 0.0% of deposits (peers 11.1%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.74% | 0.76% |
| Net charge-offs, annualized | 0.03% | 0.02% |
| Reserves to loans | 1.48% | 1.11% |
| Leverage ratio | 9.67% | 9.34% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Michigan
Largest competitors in Kent County, MI
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/banks/independent-bank-grand-rapids-mi