1. Michael M. Magee, Jr. passed away on August 3, 2025. 2. Magee was a pivotal leader at Independent Bank for 38 years. 3. He served as Chairman from 2013 to 2024 and CEO from 2005. 4. Independent Bank Corporation holds approximately $5.4 billion in assets. 5. The community expresses deep sadness over Magee's death.
The loss of a key leader could cause temporary instability. Historical events, like leadership changes leading to market dips, support this concern.
Leadership changes can significantly influence stock liquidity and investor confidence. The sudden loss of Magee, a figurehead, warrants close monitoring.
Leadership transitions typically affect stock pricing in the immediate aftermath. For example, sudden CEO departures often lead to stock volatility until a successor is confirmed.
GRAND RAPIDS, Mich., Aug. 15, 2025 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ:IBCP), the holding company of Independent Bank, announced with great sadness that Michael M. Magee, Jr., current Board member and past Chairman (2013-2024) of the Board of Directors for Independent Bank Corporation and Independent Bank, passed away on August 3, 2025.
"The entire Independent Bank community is deeply saddened by Mike's passing," said Independent Bank President and CEO, Brad Kessel. "Mike served Independent Bank for 38 years with his strong leadership, resilience, wisdom, passion, thoughtfulness, genuine friendship, and great humor. He will be deeply missed."
Mike was the Chairman of the Board of Directors of Independent Bank Corporation and Independent Bank from 2013 to 2024. Prior to 2013, he was the Chief Executive Officer of the Company since 2005. He also served as the Executive Vice President and Chief Operating Officer in 2004, and prior to that served as President and CEO of Independent Bank (IBC affiliate) beginning in 1993.
With total assets of approximately $5.4 billion, Independent Bank Corporation operates nearly 60 locations across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments, and title services. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.
For more information, please visit our website at: IndependentBank.com. Member FDIC. Equal Housing Lender.
Contact: Lane Solomon
Independent Bank
616.447.3942
LSolomon@ibcp.com
