INDEPENDENT BANK CORPORATION (NASDAQ:IBCP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 23, 2020, Stephen A. Erickson, the Chief Financial Officer of Independent Bank Corporation (the “Company”), resigned from all positions he held with the Company and its subsidiaries.
On June 23, 2020, the Company appointed Robert N. Shuster to serve as an Executive Vice President and the Chief Financial Officer of the Company and its wholly-owned subsidiary, Independent Bank. Mr. Shuster, age 62, previously served as the Company’s CFO from May 2001 until his retirement on January 31, 2020. He has agreed to serve as the Company\’s CFO until such time that the Company retains a permanent CFO to replace Mr. Erickson.
There are no arrangements or understandings between Mr. Shuster and any other person to which he was selected as an officer of the Company. Mr. Shuster is not related to any executive officer or director of the Company.
There have been no transactions since January 1, 2019, nor are there any currently proposed transactions, to which the Company or any of its subsidiaries was or is to be a party, in which the amount involved exceeds $120,000 and in which Mr. Shuster had, or will have, a direct or indirect material interest that is required to be disclosed to Section 404(a) of Securities and Exchange Commission Regulation S-K.
In his position of Chief Financial Officer, Mr. Shuster will serve on a part-time basis and will be paid based upon an annual salary of $290,000.
About INDEPENDENT BANK CORPORATION (NASDAQ:IBCP)
Independent Bank Corporation is a bank holding company. The Company owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. The Company’s principal markets are the rural and suburban communities across Lower Michigan, which are served by the Bank’s main office in Grand Rapids, Michigan, and a total of approximately 60 branches, over one drive-in facility and approximately eight loan production offices. The Bank’s branches provide lobby and drive-in services, as well as automatic teller machines (ATMs). In addition to general banking services, its Bank also offers title insurance services and investment services.
An ad to help with our costs