Published in Finance

Independent Bank opens 1st full-service branch in Ottawa County

BY Thursday, September 08, 2022 12:55pm

HOLLAND — Independent Bank has opened a branch office in Holland at 12368 Riley St., off U.S.-31 near a Meijer Inc. store.

The new office is the first full-service branch in Ottawa County for the Grand Rapids-based Independent Bank, which had previously opened a lending office in downtown Holland.

“We are pleased to be opening a new full-service branch in Holland, and expanding our footprint along the lakeshore,” President and CEO Brad Kessel said in a statement. “We look forward to making more of our products and services available for our customers in the greater Holland area.”

Kevin O’Keefe, a native of Holland with more than 20 years of experience in the industry, serves as branch manager at the Holland location.

Independent Bank Corp. (Nasdaq: IBCP) has 59 offices in the Lower Peninsula with $4.82 billion in total assets and $4.29 in total deposits, plus six loan offices in Michigan and two in Ohio. The corporation in July reported midyear net income of $30.9 million, or $1.45 per diluted share.

In a July conference call to discuss quarterly results, Kessel said that while Independent Bank planned to open the Holland office during the third quarter, the bank closed four offices in Kent, Oakland, Lapeer and Saginaw counties in the second quarter “as part of our regular branch optimization review.” 

The closings were expected to generate $1.5 million in annual cost savings, he said.

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Read 3271 times Last modified on Thursday, 08 September 2022 15:39