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KINGSTON STATE BANK TO MERGE WITH INDEPENDENT BANK CORPORATION

 IONIA, Mich., Sept. 3 /PRNewswire/ -- Officials of Independent Bank Corporation, the Ionia-based bank holding company (IBCP) and KSB Financial, Inc. of Kingston, Mich., have signed a letter of intent whereby The Kingston State Bank will become a wholly owned subsidiary of Independent Bank Corporation. Shareholders of KSB Financial, Inc. will receive shares of Independent Bank Corporation common stock in exchange for their shares.
 The transaction is subject to execution of a definitive agreement between the parties, the approval of KSB Financial, Inc. shareholders and regulatory approval. The transaction will likely close during the first quarter of 1994.
 Kingston State Bank is an independent community bank with total assets of $35 million and operates offices in Kingston, Clifford, Marlette, Snover and North Branch, Mich.
 Independent Bank Corporation, with total assets of $369 million has three affiliate banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The three affiliate banks currently operate 27 offices in 23 communities across western and central Michigan.
 The company has previously announced its plans to acquire American Home Bank, Unionville, and Pioneer Bank, North Branch. Both transactions are likely to close in October.
 The corporation's common stock trades on the NASDAQ Stock Market under the symbol IBCP.
 -0- 9/3/93
 /CONTACT: Charles C. VanLoan of Independent Bank Corporation, 616-527-9450; or Frankie J. Porter of KSB Financial, Inc., 517-683-2287/
 (IBCP)


CO: Independent Bank Corporation; KSB Financial, Inc. ST: Michigan IN: FIN SU: TNM

KE -- DE027 -- 8932 09/03/93 16:02 EDT
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Publication:PR Newswire
Date:Sep 3, 1993
Words:251
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