Banks | Independent Bank

Independent Bank


Independent Bank is an FDIC insured institution headquartered at 4200 E Beltline Ave Ne, Grand Rapids, MI 49525.
It was founded in 1890 and has approximately $5 billion in assets. Customers can open an account at one of its 68 branches.

Deposit Rates - March 30, 2023

SAVINGS RATES APY MIN
Savings
0.01% $2,500 Compare
CD RATES APY MIN
Special: 5 Mo CD
0.24% $1,000 Compare
6 Mo CD
0.15% $10,000 Compare
6 Mo CD
0.15% $100,000 Compare
12 Mo CD
0.25% $10,000 Compare
12 Mo CD
0.25% $100,000 Compare
18 Mo CD
0.25% $10,000 Compare
18 Mo CD
0.25% $100,000 Compare
24 Mo CD
0.30% $10,000 Compare
24 Mo CD
0.30% $100,000 Compare
30 Mo CD
0.30% $10,000 Compare
30 Mo CD
0.30% $100,000 Compare
36 Mo CD
0.40% $10,000 Compare
36 Mo CD
0.40% $100,000 Compare
48 Mo CD
0.50% $10,000 Compare
48 Mo CD
0.50% $100,000 Compare
60 Mo CD
0.65% $10,000 Compare
60 Mo CD
0.65% $100,000 Compare
MM RATES APY MIN
Money Market
0.01% $2,500 Compare
Money Market
0.03% $10,000 Compare
Money Market
0.10% $25,000 Compare
PREMM RATES APY MIN
Premium Money Market
0.13% $10,000 Compare
Premium Money Market
0.20% $25,000 Compare

Overview 2023

General Bank Information

FDIC Insured Yes
FDIC Certificate # 27811
Date Established 1890
Assets $ 4.82 billion
Loans $ 3.37 billion
Deposits $ 4.40 billion
Capital $ 355.92 million

Summary Balance Sheet as of September 30, 2022

ASSETS
Cash & Balances due from depository institutions $ 70.63 million
Interest-bearing balances $ 13.57 million
Total securities $ 1,183.70 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 3.37 billion
Loan loss allowance $ 51.14 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.35 million
Goodwill and other intangibles $ 74.16 million
All other assets $ 166.24 million
     Total Assets $ 4.57 billion

LIABILITIES
Total deposits $ 4.40 billion
      Interest-bearing deposits $ 2.41 billion
      Deposits held in domestic offices $ 4.40 billion
      % insured (estimated) 75.39%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 25.50 million
Subordinated debt N.A.
All other liabilities $ 82.01 millionn
      Total Liabilities $ 4.57 billion
      Shareholders’ Equity $ 252.43 million

Summary Income Statement as of September 30, 2022

INCOME AND EXPENSES
Total Interest Income $ 118.88 million
Total Interest Expense $ 6.39 million
Net interest income $ 112.50 million
Provision for loan and lease losses $ 4.63 million
Total non interest income $ 49.95 million
Total non interest expense $ 94.94 million
Pre-tax Net Operating Income $ 40.10 million

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Branches

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Independent Bank Locations

Savings Comparison

This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.

PRODUCT
BANK
BANK TYPE
STATE
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
MILES

Tax Rate: 30%

All calculations are for demonstration purposes only.

  • 1
    LOCAL CD
    Independent Bank
    Bank
    MICHIGAN
    $50,000
    5 Month
    0.24%
    N.A.
    $1,000
    -
    SCENARIO
    Year Rate
    0.24%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 120 84
    2 50,120 120 84
    3 50,240 121 84
    4 50,361 121 85
    5 50,482 121 85
    6 50,603 121 85
    7 50,724 122 85
    8 50,846 122 85
    9 50,968 122 86
    10 51,090 123 86
    11 51,213 123 86
    12 51,336 123 86
    13 51,459 124 86
    14 51,583 124 87
    15 51,706 124 87
    16 51,831 124 87
    17 51,955 125 87
    18 52,080 125 87
    19 52,205 125 88
    20 52,330 126 88
    TOTAL $2,456 $1,719
  • 2
    LOCAL CD
    Discover Bank , ★ TOP PICK ★
    Online Bank
    -
    $50,000
    60 Month
    4.10%
    5.06x (National Avg. - 0.81%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.10%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,050 1,435
    2 52,050 2,134 1,494
    3 54,184 2,222 1,555
    4 56,406 2,313 1,619
    5 58,718 2,407 1,685
    6 61,126 2,506 1,754
    7 63,632 2,609 1,826
    8 66,241 2,716 1,901
    9 68,957 2,827 1,979
    10 71,784 2,943 2,060
    11 74,727 3,064 2,145
    12 77,791 3,189 2,233
    13 80,980 3,320 2,324
    14 84,300 3,456 2,419
    15 87,757 3,598 2,519
    16 91,355 3,746 2,622
    17 95,100 3,899 2,729
    18 98,999 4,059 2,841
    19 103,058 4,225 2,958
    20 107,284 4,399 3,079
    TOTAL $61,682 $43,178
  • 3
    LOCAL CD
    Discover Bank , ★ TOP PICK ★
    Online Bank
    -
    $50,000
    24 Month
    4.30%
    7.75x (National Avg. - 0.56%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.30%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,150 1,505
    2 52,150 2,242 1,570
    3 54,392 2,339 1,637
    4 56,731 2,439 1,708
    5 59,171 2,544 1,781
    6 61,715 2,654 1,858
    7 64,369 2,768 1,938
    8 67,137 2,887 2,021
    9 70,024 3,011 2,108
    10 73,035 3,140 2,198
    11 76,175 3,276 2,293
    12 79,451 3,416 2,391
    13 82,867 3,563 2,494
    14 86,430 3,717 2,602
    15 90,147 3,876 2,713
    16 94,023 4,043 2,830
    17 98,066 4,217 2,952
    18 102,283 4,398 3,079
    19 106,681 4,587 3,211
    20 111,268 4,785 3,349
    TOTAL $66,053 $46,237
  • 4
    LOCAL CD
    Discover Bank , ★ TOP PICK ★
    Online Bank
    -
    $50,000
    12 Month
    4.50%
    10.23x (National Avg. - 0.44%)
    $2,500
    -
    SCENARIO
    Year Rate
    4.50%    		 Annual
    Interest    		 Annual Interest
    (After Tax)
    1 50,000 2,250 1,575
    2 52,250 2,351 1,646
    3 54,601 2,457 1,720
    4 57,058 2,568 1,797
    5 59,626 2,683 1,878
    6 62,309 2,804 1,963
    7 65,113 2,930 2,051
    8 68,043 3,062 2,143
    9 71,105 3,200 2,240
    10 74,305 3,344 2,341
    11 77,648 3,494 2,446
    12 81,143 3,651 2,556
    13 84,794 3,816 2,671
    14 88,610 3,987 2,791
    15 92,597 4,167 2,917
    16 96,764 4,354 3,048
    17 101,119 4,550 3,185
    18 105,669 4,755 3,329
    19 110,424 4,969 3,478
    20 115,393 5,193 3,635
    TOTAL $70,586 $49,410


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