CHARLES E. LIPPERT NAMED CHAIRMAN OF THE BOARD AT INDEPENDENT BANK CORP.
IONIA, Mich., June 14 /PRNewswire/ -- Charles E. Lippert, a west Michigan furniture manufacturer, has been elected to a two-year term as chairman of the board of Independent Bank Corporation (IBC) (NASDAQ-NMS: IBCP), the Ionia-based bank holding company. He replaces Loren C. Adgate, the company's recently retired chief executive officer. Prior to Adgate's elevation to chairman of the board in 1991, it had been the company's practice to rotate the board chairmanship among its outside directors. Lippert's election at the annual organizational meeting of the board marks a return to that procedure. Lippert has been a member of the IBC board since 1984. He also serves as a member of the board of directors of the company's affiliate, Independent Bank West Michigan, which has its main office in Rockford. Charles C. Van Loan, Independent Bank Corporation's president and chief executive officer, announced Lippert's election. He commented, "Chuck Lippert is a very successful business executive who has a strong background in retailing as well as manufacturing. He has made many contributions to the advancement of our organization over the years and we look forward to a continuation of our excellent progress during his term as our chairman." Following his graduation from the School of Pharmacy at Ferris State University, Lippert developed a chain of 13 drug stores in small communities throughout western and central Michigan. He sold this business to a national retailer in 1984. Shortly after selling Lippert Pharmacies, the new chairman organized C.E. Lippert Furniture Company, which is a supplier of custom conference tables, casegoods and laminate and veneer table tops to many of the nation's largest furniture manufacturers. Subsequently, the Lippert organization acquired H-S Veneer Products of Greenwood, Ind., a supplier of veneer panels to the furniture industry. Both firms are now subsidiaries of Lippert Holding Company, headquartered in Zeeland, Mich. Lippert is also the principal owner of Evans Drug Stores of Grand Rapids, Mich. Independent Bank Corporation has total asset of more than $375 million and three subsidiaries: Independent Bank, Ionia; Independent Bank South Michigan, Leslie; and Independent Bank West Michigan. The three banks operate 26 offices in 23 communities across western and central Michigan. Earlier this year, the company announced that it had entered into agreements to acquire American Home Bank of Unionville and Pioneer Bank of West Branch. These transactions are now awaiting regulatory approval. Independent Bank Corporation common stock is traded in the over-the- counter market and quoted on the NASDAQ National Market System under the symbol IBCP. -0- 6/14/93 /CONTACT: Charles C. Van Loan, president and chief executive officer, Independent Bank Corporation, 616-527-9450/ (IBCP)
CO: Independent Bank Corporation ST: Michigan IN: FIN SU: PER
JG -- DE014 -- 1566 06/14/93 10:58 EST
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|Date:||Jun 14, 1993|
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