IONIA, Mich., Dec. 22 /PRNewswire-FirstCall/ -- Independent Bank
Corporation (Nasdaq: IBCP), a leading Michigan-based community bank, today
announced that its subsidiary, Independent Bank, can now offer the Certificate
of Deposit Account Registry Service(R) also known as CDARS(R) to customers
including Michigan municipalities, school districts and other public funds
units.
Michigan Governor Jennifer M. Granholm recently signed Public Acts 307 and
308 to confirm the use of services like CDARS to insure public funds deposited
in Michigan banks. Prior to the legislation, some public entities found it
necessary to maintain relationships with several different financial
institutions in order to ensure proper FDIC insurance coverage for their
deposit balances. Independent Bank can now offer public funds customers access
to up to $50 million of FDIC insurance with the convenience of one rate, one
statement and one bank relationship. CDARS(R) is also available to consumers,
businesses, and non-profit organizations.
Maxine Kauffold, Independent Bank's Vice President of Treasury Management
commented, "We are pleased to announce the availability of the CDARS service
to our public funds clients. This service provides access to the safety and
security of FDIC insurance up to $50 million, and the funds remain in Michigan
to support our local communities. Since 1864, Independent Bank has been
lending to the businesses and people of Michigan as well as supporting our
communities through donations to charitable and civic organizations of both
cash and associate volunteer hours. We are very proud of our deep Michigan
roots and the fact that we employ nearly 1,300 people in this great state."
To provide more information on the CDARS service, Independent Bank's
Treasury Management team is offering seminars as well as one-on-one meetings.
For more information or to sign up for CDARS, contact Maxine Kauffold at
989.891.4130 or Bill Anderson at 989.430.7761.
About Independent Bank Corporation
Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank
holding company with total assets of over $3 billion. Founded as First
National Bank of Ionia in 1864, Independent Bank Corporation now operates over
100 offices across Michigan's Lower Peninsula through one state-chartered bank
subsidiary. This subsidiary (Independent Bank) provides a full range of
financial services, including commercial banking, mortgage lending,
investments and title services. Payment plans to purchase vehicle service
contracts are also available through Mepco Finance Corporation, a wholly owned
subsidiary of Independent Bank. Independent Bank Corporation is committed to
providing exceptional personal service and value to its customers,
stockholders and the communities it serves. For more information, please
visit our website at: www.ibcp.com.
CDARS and Certificate of Deposit Account Registry Service are registered
service marks of Promontory Interfinancial Network, LLC.
SOURCE Independent Bank Corporation