Independent Bank Corporation board member Michael Magee dies at 70

GRAND RAPIDS, Mich. - Michael M. Magee, Jr., a board member and former chairman of Independent Bank Corporation (NASDAQ:IBCP), which currently maintains a market capitalization of $643 million and trades at $31.04 per share, passed away on August 3, according to a statement released by the company Friday.

Magee served Independent Bank for 38 years in various leadership roles. He was chairman of the board of directors for both Independent Bank Corporation and Independent Bank from 2013 to 2024. Prior to becoming chairman, Magee served as the company’s chief executive officer beginning in 2005, and as executive vice president and chief operating officer in 2004.

"The entire Independent Bank community is deeply saddened by Mike’s passing," said Independent Bank President and CEO Brad Kessel in the press release. "Mike served Independent Bank for 38 years with his strong leadership, resilience, wisdom, passion, thoughtfulness, genuine friendship, and great humor."

Earlier in his career, Magee was president and CEO of Independent Bank, an IBC affiliate, starting in 1993.

Independent Bank Corporation operates nearly 60 locations across Michigan’s Lower Peninsula through its state-chartered bank subsidiary. The company provides commercial banking, mortgage lending, investments, and title services, with total assets of approximately $5.4 billion. The bank has demonstrated strong financial stewardship, maintaining dividend payments for 12 consecutive years and achieving a 14% return on equity in the latest quarter. According to InvestingPro analysis, which provides comprehensive research reports on over 1,400 US stocks, IBCP currently shows fair valuation metrics with a P/E ratio of 10.03 and offers a dividend yield of 3.29%.

In other recent news, Independent Bank Corporation reported mixed financial results for the second quarter of 2025. The company exceeded earnings per share expectations, which can be seen as a positive sign for investors. However, it did not meet revenue forecasts, which raised some concerns in the investment community. The disparity between earnings and revenue performance has drawn attention from analysts and investors alike. Despite the earnings beat, the shortfall in revenue highlights potential challenges the company may face in maintaining growth. Analysts from various firms are closely monitoring the situation to assess the impact on future financial stability. These developments are part of the broader landscape of recent company activities.

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