Printer Friendly

INDEPENDENT BANK CORPORATION TO PURCHASE PIONEER BANK

 IONIA, Mich., April 12 /PRNewswire/ -- Independent Bank Corporation (NASDAQ-NMS: IBCP), the Ionia-based bank holding company, has agreed to acquire Pioneer Bank of North Branch, Mich., from 1889 Bancorp, Inc., of East Lansing, Mich. Independent Bank Corporation will pay cash in exchange for all of the common stock of the bank.
 Charles C. Van Loan, president and chief executive officer of Independent Bank Corporation, announced the transaction and commented, "Pioneer Bank is located in Lapeer County, which is developing considerably faster than many other parts of the state. In addition, it is located relatively close to American Home Bank in adjacent Tuscola County, which we are also in the process of acquiring. Together, the two banks will give us total assets in that part of the state of approximately $70 million. With an operation of this size, we think we can do a very good job for our new customers, while significantly enhancing our company's value for our shareholders."
 The transaction is subject to approval by the appropriate federal and state bank regulatory agencies. It is anticipated that the sale will close in the third quarter of 1993.
 1889 Bancorp is a privately owned one-bank holding company. Pioneer Bank is a full-service commercial bank chartered by the state of Michigan. At Dec. 31, 1992, the bank had total assets of $40.3 million.
 Independent Bank Corporation had total assets of $367.5 million at Dec. 31, 1992, and has three subsidiary banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The three banks operate 26 offices in 23 communities across central and western Michigan.
 The corporation's common stock is traded in the over-the-counter market and quoted on the NASDAQ National Market System under the symbol IBCP.
 -0- 4/12/93
 /CONTACT: Charles C. Van Loan, president and chief executive officer of Independent Bank Corporation, 616-527-9450/
 (IBCP)


CO: Independent Bank Corporation; Pioneer Bank; 1889 Bancorp, Inc. ST: Michigan IN: FIN SU: TNM

DH -- DE016 -- 4864 04/12/93 15:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 12, 1993
Words:335
Previous Article:ALPA SEEKS DISMISSAL OF APPLICATION FOR LORENZO'S FRIENDSHIP AIRLINES
Next Article:MARTIN MARIETTA WINS NASA CONTRACT TO BUILD SPACECRAFT PROPULSION SUBSYSTEM
Topics:


Related Articles
INDEPENDENT BANK CORPORATION DECLARES DIVIDEND
RONALD LONG NAMED PRESIDENT AND CEO OF INDEPENDENT BANK EAST MICHIGAN
INDEPENDENT BANK CORPORATION ACQUIRES AMERICAN HOME BANK AND CHANGES NAME TO INDEPENDENT BANK EAST MICHIGAN
PIONEER FINANCIAL AND SIGNET TO MERGE
THUMB NATIONAL BANK & TRUST COMPANY TO AFFILIATE WITH INDEPENDENT BANK CORPORATION
Independent Bank Corporation to Acquire Branch Offices
The Bank Of Belton And Clemson Bank & Trust Complete The Purchase Of Three Offices From Carolina First
First National Bank And Carolina First Announce Agreement on Sale of Three Offices.
Zions Bancorporation and Pioneer Bancorporation Announce Merger Agreement.
Independent Bank Corporation Announces the Final Purchase Price and Exchange Ratio for the North Bancorp, Inc. Acquisition.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters