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INDEPENDENT BANK CORPORATION ACQUIRES PIONEER BANK

 IONIA, Mich., Oct. 18 /PRNewswire/ -- Independent Bank Corporation, the Ionia-based bank holding company (NASDAQ-NMS: IBCP), has completed the acquisition of Pioneer Bank, North Branch, Michigan, from 1889 Bankcorp of East Lansing. The terms of the transaction between the two bank holding companies were not disclosed.
 Charles C. Van Loan, president and chief executive officer of Independent Bank Corporation, said that Pioneer Bank will operate as a separate subsidiary of the company for a brief period of time. The bank will, however, soon merge with Independent Bank East Michigan, which has its main office in Caro, Mich. The North Branch office will operate as a branch of that bank.
 In addition to Pioneer Bank and Independent Bank East Michigan, Independent Bank Corporation has three other subsidiaries: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The five subsidiaries operate 30 banking offices in 27 Michigan communities.
 The corporation has previously announced plans to acquire The Kingston State Bank, Kingston. This transaction is subject to approval by bank regulators and the shareholders of KSB Financial, the bank's parent company. It is expected to take place during the first quarter of 1994.
 -0- 10/18/93
 /CONTACT: Charles C. Van Loan of Independent Bank Corporation, 616-527-9450/
 (IBCP)


CO: Independent Bank Corporation; Pioneer Bank, North Branch ST: Michigan IN: FIN SU: TNM

SB-TO -- DE036 -- 3608 10/18/93 17:21 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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