Independent Bank Corporation is a bank holding company. The Company owns the outstanding stock of Independent Bank (the Bank). On January 15, 2007, the Company sold substantially all of the insurance premium finance assets of Mepco Finance Corporation (Mepco) to Premium Financing Specialists, Inc. (PFS). It completed the acquisition of ten branches from TCF National Bank in March 2007. The Bank transacts business in the single industry of commercial banking. The Bank’s activities cover most of the phases of commercial banking, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. The Bank’s mortgage lending activities are primarily conducted through a separate mortgage bank subsidiary.
(Source: 10-K) – less