Independent Takes A Dip
IONIA — Independent Bank Corp. reported fourth quarter 2007 net income of $2.4 million, or 11 cents per diluted share, compared with net income of $0.3 million , or 1 cent per diluted share, in the fourth quarter of 2006. For the year ended Dec. 31, 2007, the company’s net income was $10.4 million, or 45 percent per diluted share, versus $33.2 million, or $1.43 per diluted share, in the prior year.
“Unfortunately, economic conditions throughout
Magee said that throughout 2007, the bank’s team went to great lengths to improve the operational efficiency and strategic positioning of the organization. The efforts included consolidation of four bank charters, sale of the company’s insurance premium financing business, a re-branding campaign, upgrades to the company’s information technology infrastructure and a major realignment of its internal management and reporting structure.
On March 23 of last year, Independent company completed the acquisition of 10 branches from TCF National Bank. At the time of the acquisition those branch locations, in