GRAND RAPIDS — The pending acquisition of TCSB Bancorp Inc. gives Independent Bank Corp. a position in an attractive banking market in Northwestern Michigan.
State and federal regulators have approved the proposed $61.8 million merger of TCSB Bancorp Inc. in Traverse City into Independent Bank Corp.
Independent Bank Corp. today reported lower quarterly net income of $1.7 million, or 8 cents per diluted share, to end 2017’s fourth quarter, resulting from a reevaluation of a deferred tax asset following federal tax reform late last year.
As the end of 2017 approached, Grand Rapids-based Independent Bank Corp. cut a deal to buy TCSB Bancorp Inc. in Traverse City, the parent company of Traverse City State Bank. The $63.2 million deal, which is expected to close in the first half of 2018 pending approval from regulators and TCSB Bancorp shareholders, would extend Independent Bank’s presence in northwestern Michigan, where Traverse City State Bank has five offices and assets of $346.9 million. Independent Bank, which opened lending offices in Traverse City and other markets this year, has 65 branches across the Lower Peninsula with total assets of $2.75 billion as of Sept. 30.
Many of the forces that affected banks in 2017 — from rising interest rates and a good economy, to balancing digital technology investments with cybersecurity — remain the top issues bankers must manage in the year ahead.
More bank branches closed in Michigan than in 45 other states in the years following the most recent financial crisis.
Here is a round-up of quarterly and annual performance filings from banks in West Michigan.