GRAND RAPIDS, Mich. - Independent Bank (NASDAQ:INDB) Corporation (NASDAQ:IBCP), a Michigan-based community bank holding company, announced today the appointment of Stephen L. Gulis, Jr. as the new Chairperson of the Boards for both the corporation and Independent Bank. Gulis, who has been a board member since 2004, succeeds Michael M. Magee, who has held the position since January 1, 2013.
Gulis brings extensive experience to his new role, having previously served as Executive Vice President and President of Wolverine Worldwide Global Operations Group, as well as Executive Vice President, CFO, and Treasurer of the same company. His background also includes his time as a certified public accountant with Touche Ross & Company. Currently, Gulis is a Director for Sleep Number (NASDAQ:SNBR) Corporation and offers his expertise as an independent financial, operations, and management advisor to several privately held firms.
William B. Kessel, President and CEO of Independent Bank Corporation, expressed confidence in Gulis's appointment, citing his long-standing service on the board and his financial leadership experience as invaluable assets to the organization. Kessel also extended gratitude to Magee for his leadership over the past 11 years and noted Magee's continued service on the boards.
Gulis, upon accepting his new position, shared his honor in taking on the role and his enthusiasm to work with the board and management team. He holds a Bachelor of Science degree in Accounting and Finance and an Honorary Doctorate of Business from Northern Michigan University.
Independent Bank Corporation, founded in 1864, has total assets of approximately $5.3 billion and operates a network of branches across Michigan's Lower Peninsula. It provides a range of financial services, including commercial banking, mortgage lending, investments, and title services.
The transition in leadership comes as part of the company's ongoing commitment to delivering exceptional service and value to customers, shareholders, and the communities it serves. This announcement is based on a press release statement from Independent Bank Corporation.
InvestingPro Insights
As Independent Bank Corporation (NASDAQ:IBCP) welcomes Stephen L. Gulis, Jr. to the helm of the board, investors are keenly observing the company's financial health and market performance. With a market capitalization of $524.52 million and a price-to-earnings (P/E) ratio of 8.95 based on the last twelve months as of Q4 2023, the company presents a value-oriented profile in the banking sector.
InvestingPro Tips highlight that Independent Bank Corporation has a notable track record of maintaining and increasing its dividends, with a current yield of 3.92%. This consistent performance is underscored by the fact that the company has raised its dividend for 10 consecutive years and maintained dividend payments for 11 consecutive years. These attributes are particularly appealing to income-focused investors.
On the flip side, analysts are forecasting a sales decline in the current year, which could be a concern for potential growth investors. However, it's worth noting that despite concerns about weak gross profit margins, the company has been profitable over the last twelve months and analysts predict profitability will continue this year. Moreover, the stock has experienced a significant price uptick, with a six-month total return of 39.65%.
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