IONIA, Mich., Feb. 16, 2011 /PRNewswire/ -- The Board of Directors of Independent Bank Corporation today announced its senior management succession plan under which Brad Kessel will assume the role of President of the Company, effective as of Apr. 1, 2011 and Mike Magee, the Company's current President and CEO, will continue to serve as the Company's CEO until his retirement at the end of 2012. As part of the transition plan, Mr. Magee will assume the role of Board Chairman as of the date of this year's Annual Meeting of Shareholders. "This is part of our succession planning and is consistent with our history of transitioning our leaders," said Board Chairman Jeff Bratsburg. "Mike has done an outstanding job of leading the Company through the most challenging economic period in our history. During that time, the Company has been forced to face a variety of near-term challenges. With improving performance trends we are now able to focus on the longer term success of the Company, including management succession," commented Mr. Bratsburg. Mr. Kessel, the Company's current COO, has over 17 years of experience with IBC in a variety of roles. "The breadth of Brad's experience with IBC makes him uniquely situated to succeed as President of our Company. The transition plan will allow Mike to counsel and advise Brad through the expansion of his leadership responsibilities" said Mr. Bratsburg. Mr. Magee commented, "I am pleased that the Board has recognized Brad's leadership skills and that it has initiated this plan at a time when we believe we are strengthening our asset base and earnings potential. I look forward to working closely with Brad and the management team during this time." In addition to his duties and responsibilities during the transition period, Mr. Magee has agreed to provide consulting services to senior management for the two year period following his retirement.
Looking at the universe of stocks we cover at Dividend Channel, on 2/4/15, Independent Bank Corporation will trade ex-dividend, for its quarterly dividend of $0.06, payable on 2/17/15. As a percentage of IBCP's recent stock price of $12.34, this dividend works out to approximately 0.49%.