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INDEPENDENT BANK CORPORATION TO ACQUIRE AMERICAN HOME BANK

 IONIA, Mich., April 6 /PRNewswire/ -- Officials of Independent Bank Corporation (NASDAQ-NMS: IBCP), the Ionia-based bank holding company, and American Home Bank of Unionville, Mich., have signed a letter of intent which contemplates that the bank's shareholders would receive approximately $2.5 million in cash and debentures for all of their common stock and that the bank would become a subsidiary of the holding company.
 The transaction is subject to execution of a definitive agreement between the parties, approval by the shareholders of American Home Bank and approval by the appropriate federal and state banking regulators. It is likely that the transaction will close during the third quarter of 1993.
 The agreement was announced jointly by Murray L. Miller, executive vice president of American Home Bank, and Charles C. Van Loan, president and chief executive officer of Independent Bank Corporation.
 Miller commented, "We believe that an affiliation of our bank with an organization that Forbes Magazine recently described as one of the 10 best small banks in America should ensure that we can continue to provide the high quality banking services to our customers and neighbors in Tuscola and Huron counties as we have for the past 89 years."
 Van Loan added, "We are excited about moving into the Thumb Area of Michigan. Our area of expertise is providing a wide array of contemporary financial services in smaller cities and towns. Unionville and Caro are the types of communities where we have always done very well and we look forward to doing business with people and business organizations that are located there."
 American Home Bank is a full-service commercial bank chartered by the State of Michigan. Its main office is in Unionville and it has one branch in Caro. At Dec. 31, 1992, the bank had total assets of $36,643,000.
 Independent Bank Corporation had total assets of $367,546,000 at Dec. 31, 1992, and has three affiliate 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 western and central 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- 4/6/93
 /CONTACT: Murray L. Miller, executive vice president, American Home Bank, 517-673-5656; or Charles C. Van Loan, president and CEO, Independent Bank Corporation, 616-527-9450/
 (IBCP)


CO: Independent Bank Corporation; American Home Bank ST: Michigan IN: FIN SU: TNM

JG-ML -- DE019 -- 3550 04/06/93 16:12 EDT
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Publication:PR Newswire
Date:Apr 6, 1993
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