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INDEPENDENT BANK CORPORATION INCREASES DIVIDEND BY 15.4 PERCENT

 IONIA, Mich., March 17 /PRNewswire/ -- The board of directors of Independent Bank Corporation (NASDAQ-NMS: IBCP) (IBCP), the Ionia-based bank holding company, has increased the company's regular quarterly cash dividend from $.13 per common share to $.15 per common share. The dividend will be paid April 30, 1993, to shareholders of record at the close of business on April 5, 1993.
 Charles C. Van Loan, the company's president and chief executive officer, announced the board's action. He commented, "The 15.4-percent increase in our quarterly dividend reflects the record earnings we reported for 1992 and the favorable outlook for 1993. The support and cooperation of our shareholders has been a key ingredient in our success and they deserve this higher payout."
 The last increase in the company's quarterly dividend was in March 1992, when it was raised from $.115 per share to $.13 per share.
 Independent Bank Corporation has three affiliate banks: Independent Bank, Ionia; Independent Bank West Michigan, Rockford; and Independent Bank South Michigan, Leslie. The three banks operate 26 banking offices in 23 communities across western and central Michigan.
 The company's common stock is traded in the over-the-counter market and quoted on the NASDAQ National Market System under the symbol IBCP.
 -0- 3/17/93
 /CONTACT: Charles C. Van Loan, president and CEO, Independent Bank Corporation, 616-527-9450/
 (IBCP)


CO: Independent Bank Corporation ST: Michigan IN: FIN SU: DIV

SM -- DE023 -- 7095 03/17/93 14:47 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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