ESOP · DOL Form 5500 · 2023

Independent Bank Corporation ESOP

Data updated 2026-08-25

$15M
Total assets Small plan by assets
822
Participants Near avg headcount
67th
Percentile by assets National rank
$18,009
Avg per participant Low balance/head
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Official DOL plan name: Independent Bank Corporation Employee Stock Ownership Plan · Sponsored by Independent Bank Corporation · Michigan · Finance & Insurance

$15M in assets, 822 participants

Independent Bank Corporation's Independent Bank Corporation Employee Stock Ownership Plan reported $15M in total assets and 822 participants in its 2023 DOL Form 5500 filing, ranking in the 67th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • #4,616 in Finance & Insurance (8,869 peers)

Independent Bank Corporation multi-year trail

Independent Bank Corporation's plans moved +26.8% in assets from 2022 to 2024; this filing shows Independent Bank Corporation Employee Stock Ownership Plan at $15M / 822 participants.

#4,616
in Finance & Insurance (8,869 peers)
+10.9%
assets growth YoY

Independent Bank Corporation Employee Stock Ownership Plan's outsized position by total assets

Independent Bank Corporation Employee Stock Ownership Plan vs every filed plan by assets

End-of-year total assets · plan year 2023 · DOL Form 5500

$14,803,103 Top 33% higher than 67% of 127,068 filed plans

This plan $0 $2,050,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2023

Independent Bank Corporation Employee Stock Ownership Plan among mid-size filed plans by headcount

Plan-year 2023 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. Independent Bank Corporation Employee Stock Ownership Plan sits mid-pack in the medium band (822 participants).

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • Independent Bank Corporation Employee Stock Ownership Plan reported net income rose from $182K in the plan year 2022 filing to $1M in the plan year 2023 filing.
  • Independent Bank Corporation Employee Stock Ownership Plan end-of-year assets rose from $13M in the plan year 2022 filing to $15M in the plan year 2023 filing.
  • Independent Bank Corporation Employee Stock Ownership Plan reported participants rose from 789 in the plan year 2022 filing to 822 in the plan year 2023 filing.

See the national 2022→2023 release diff →

Published 5500 schedule card

Filing strip 382032782 · Independent Bank Corporation PY 2023 · ESOP

Independent Bank Corporation Employee Stock Ownership Plan · $15M · 822 · 67th

  • PART $15M
  • TYPE 822
  • NET 67th
  • BOOK ESOP
  • VS-ST near Mi-T-M Employee Stock Ownership Plan
  • BOY ind #4616

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with What is an ESOP? → · Plans in Michigan →

Independent Bank Corporation Employee Stock Ownership Plan in the asset neighbourhood

Insource Software Solutions, Inc. Employee Stock Ownership PlanInsource Software Solutions,…$15MIndependent Bank Corporation Employee Stock Ownership PlanIndependent Bank Corporation…$15MMi-T-M Employee Stock Ownership PlanMi-T-M Employee Stock Owners…$15MLibby Perszyk Kathman Holdings, Inc. Employee Stock Ownership PlanLibby Perszyk Kathman Holdin…$15MHorner & Shifrin, Inc. Employee Stock Ownership PlanHorner & Shifrin, Inc. Emplo…$15M
End-of-year total assets ($M) among Independent Bank Corporation Employee Stock Ownership Plan and nearest nationwide ESOP peers. Source: DOL Form 5500 plan year 2023.

Independent Bank Corporation multi-year asset trail

Sponsor-wide plan assets over time

All Independent Bank Corporation plans reported in each filing year

Latest sponsor-wide plan assets
$117M 26.80131233896023% vs 2022
2024 filing year
$80M$90M$100M$110M$120M 202220232024 $92.1M $117M ▲ +26.8%
Year Plans Participants Total Assets
2022 2 1,768 $92M
2023 2 1,734 $104M
2024 2 1,590 $117M

Independent Bank Corporation filing trail (2023)

Total Assets (Beginning of Year)$13M
Net Assets (End of Year)$15M
Net Income$1M
Employer EIN382032782
Plan Effective Date2006-01-01
Filing StatusFILING RECEIVED

Nearby ESOP Plans in Michigan

Peer ESOP plans, same state, same plan type, ranked by total assets.

Independent Bank Corporation Employee Stock Ownership Plan vs. nearby ESOP plans in Michigan, assets vs. participants Scatter plot of 6 data points. 0500100015002000 -0.500.511.5 Total assets ($B) Participants Independent Bank Corporation Employee Stock Ownership Plan, Total assets ($B): 0.014803103 · Participants: 822Independent Bank Corporation Employee Stock Ownership PlanMcnaughton-Mckay Electric Company Employee Stock Ownership Plan, Total assets ($B): 1.30777109 · Participants: 1635Mcnaughton-Mckay Electric Company Employee Stock Ownership PlanThe Kendall Group Employee Stock Ownership Plan, Total assets ($B): 0.808091077 · Participants: 1907The Kendall Group Employee Stock Ownership PlanProject Worldwide, Inc. Employee Stock Ownership Plan, Total assets ($B): 0.436210284 · Participants: 1173Project Worldwide, Inc. Employee Stock Ownership PlanMotor City Electric Co. Employee Stock Ownership Plan, Total assets ($B): 0.258079249 · Participants: 207Motor City Electric Co. Employee Stock Ownership PlanLee Contracting, Inc. Employee Stock Ownership Plan, Total assets ($B): 0.237688318 · Participants: 500Lee Contracting, Inc. Employee Stock Ownership Plan
Independent Bank Corporation Employee Stock Ownership Plan vs. nearby ESOP plans in Michigan, assets vs. participants
Compare Independent Bank Corporation Employee Stock Ownership Plan side-by-side with 3 peers →

Independent Bank Corporation Employee Stock Ownership Plan's out-of-state ESOP peers by assets and headcount

Outside Michigan, the nearest ESOP by assets is Mi-T-M Employee Stock Ownership Plan in IA ($15M); by covered participants it is Gulf Coast Bank & Trust Company Employee Stock Ownership Plan in LA (820 participants). Same-state nearby plans are listed separately above.

DOL Form 5500 plan year 2023. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did Independent Bank Corporation Employee Stock Ownership Plan assets move in 2023? ▼
Independent Bank Corporation Employee Stock Ownership Plan grew at a solid clip - up 10.9% during 2023, from $13M to $15M. Reported net income was $1M.
How have Independent Bank Corporation plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Independent Bank Corporation's sponsor-wide assets grew 26.8%, from $92M to $117M.
Which ESOP plans are similar in size to Independent Bank Corporation Employee Stock Ownership Plan? ▼
Among ESOP plans in other states, the closest by assets is Mi-T-M Employee Stock Ownership Plan in IA ($15M, 328 participants).
Which ESOP plans cover a similar participant headcount to Independent Bank Corporation Employee Stock Ownership Plan? ▼
Among ESOP plans in other states, the closest by covered participants is Gulf Coast Bank & Trust Company Employee Stock Ownership Plan in LA (820 participants, $126M in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 382032782.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.