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

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