Independent Bank in Michigan acquiring in-state FI

Grand Rapids, Mich.-based Independent Bank Corporation is expanding in the corridor between Grand Rapids and Lansing by acquiring HCB Financial Corp. for $70.2 million. .The deal is expected to close early in the third quarter. The combined organization is expected to have $6.1 billion in assets, $5.3 billion in total deposits and $4.7 billion in total loans. Independent Bank Corporation is the parent company of Independent Bank. Hastings, Mich.-based HCB Financial Corp. is the parent company of Highpoint Community Bank. As of January, Independent Bank had $5.4 billion in assets, $4.8 billion in deposits and 59 branches. As of last month, Highpoint Community Bank had $589 million in assets, $532 million in deposits and seven branches. “This partnership is a perfect fit geographically and culturally,” said Independent Bank Corporation President and CEO Brad Kessel. “By combining Highpoint’s strong core deposit base and deep community roots with our expanded product set, we are better positioned to serve the families and businesses of Michigan while delivering meaningful value to our shareholders.” New York City-based Keefe, Bruyette & Woods is financial advisor to Independent Bank Corporation while Varnum LLP, Grand Rapids, is legal counsel. Inverness, Ill.-based Hovde Group is financial adviser to HCB Financial, with Dickinson Wright PLLC, Detroit, as legal counsel.