Independent Bank Corporation Announces 8% Increase in Quarterly Cash Dividend on Common Stock

Rhea-AI Summary

Independent Bank (NASDAQ: IBCP) has announced an 8% increase in its quarterly cash dividend to 26 cents per share, payable on February 14, 2025, to shareholders of record on February 4, 2025. This marks the company's twelfth consecutive annual dividend increase.

The Michigan-based bank holding company, with total assets of approximately $5.3 billion, operates a branch network across Michigan's Lower Peninsula. Founded in 1864 as First National Bank of Ionia, Independent Bank provides commercial banking, mortgage lending, investments, and insurance services.

President and CEO William B. Kessel attributed the dividend increase to the company's consistent long-term performance, robust capital position, and optimistic future outlook.

Positive

• 8% increase in quarterly dividend to $0.26 per share
• Twelve consecutive years of dividend increases
• Strong capital position with $5.3 billion in total assets
• Consistent long-term performance demonstrated

Negative

• None.

News Market Reaction – IBCP

-2.70%

1 alert

-2.70% News Effect

On the day this news was published, IBCP declined 2.70%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

GRAND RAPIDS, Mich., Jan. 10, 2025 (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 26 cents per share. This dividend is payable on February 14, 2025, to shareholders of record on February 4, 2025. The quarterly dividend represents an 8% increase over the quarterly dividend rate paid for each quarter in 2024.

William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “I am pleased that our Board of Directors has approved an increase of over 8% in our quarterly dividend compared to the rate paid each quarter in 2024. This marks the twelfth consecutive annual increase in our dividend payment. The Board's decision is a testament to our consistent long-term performance, robust capital position, and optimistic outlook for the future.”

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 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 Independent Bank 's new quarterly dividend for 2025?

Independent Bank (IBCP) announced a new quarterly dividend of 26 cents per share, representing an 8% increase from 2024.

When will IBCP's new dividend be paid in 2025?

The dividend will be paid on February 14, 2025, to shareholders of record as of February 4, 2025.

How many consecutive years has IBCP increased its dividend?

Independent Bank has increased its dividend for twelve consecutive years.

What is Independent Bank 's current asset size?

Independent Bank has total assets of approximately $5.3 billion.

How much did IBCP increase its dividend compared to 2024?

IBCP increased its quarterly dividend by 8% compared to the rate paid each quarter in 2024.