ESOP · DOL Form 5500 · 2024
Independent Bank Corporation ESOP
Data updated 2026-08-11
- $19M
- Total assets
- 760
- Participants
- 69th
- Percentile by assets
- $25,266
- Avg per participant
Official DOL plan name: Independent Bank Corporation Employee Stock Ownership Plan · Sponsored by Independent Bank Corporation · Michigan · Finance & Insurance
$19M in assets, 760 participants
Independent Bank Corporation's Independent Bank Corporation Employee Stock Ownership Plan reported $19M in total assets and 760 participants in its 2024 DOL Form 5500 filing, ranking in the 69th 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.
- 69th percentile by assets (of 123,622 plans)
- #4,637 in Finance & Insurance (8,549 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 $19M / 760 participants.
- $19M
- total plan assets (2024 EOY)
- 760
- covered participants
- 69th
- percentile by assets (of 123,622 plans)
- $25,266
- avg assets per participant
Where Independent Bank Corporation Employee Stock Ownership Plan sits by total assets
Independent Bank Corporation Employee Stock Ownership Plan vs every filed plan by assets
End-of-year total assets · plan year 2024 · DOL Form 5500
$19,202,400 Top 31% higher than 69% of 123,620 filed plans
Dashed line + filled bar = this entry, among filed plans.
Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2024
What changed between DOL Form 5500 filings
plan year 2023 → plan year 2024
- Independent Bank Corporation Employee Stock Ownership Plan reported net income rose from $1M in the plan year 2023 filing to $4M in the plan year 2024 filing.
- Independent Bank Corporation Employee Stock Ownership Plan end-of-year assets rose from $15M in the plan year 2023 filing to $19M in the plan year 2024 filing.
- Independent Bank Corporation Employee Stock Ownership Plan reported participants fell from 822 in the plan year 2023 filing to 760 in the plan year 2024 filing.
Independent Bank Corporation across 3 plan years on file
Across the 3 plan years Independent Bank Corporation has on file (2022-2024), sponsor-wide plan assets have moved from $92M to $117M, a gain of 26.8%, while reported participants moved from 1,768 to 1,590 (-10.1%). Peak year by sponsor assets: 2024 ($117M); trough: 2022 ($92M).
Independent Bank Corporation multi-year asset trail
| 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 (2024)
| Total Assets (Beginning of Year) | $15M |
|---|---|
| Net Assets (End of Year) | $19M |
| Net Income | $4M |
| Employer EIN | 382032782 |
| Plan Effective Date | 2006-01-01 |
| Filing Status | FILING 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
- Mcnaughton-Mckay Electric Company Employee Stock Ownership Plan $1.6B · 1,780
- The Kendall Group Employee Stock Ownership Plan $900M · 1,936
- Project Worldwide, Inc. Employee Stock Ownership Plan $453M · 1,284
- Motor City Electric Co. Employee Stock Ownership Plan $410M · 218
- Lee Contracting, Inc. Employee Stock Ownership Plan $250M · 565
Similar-Sized ESOP Plans Nationally
ESOP plans in other states closest to Independent Bank Corporation Employee Stock Ownership Plan by total assets, not by location.
- Commercial Custom Seating and Upholstery Inc., Employee Stock Ownership Plan (CA) $19M · 109
- Lifetime Industries Employee Stock Ownership Plan (CA) $19M · 44
- Employee Stock Ownership Plan and Trust for the Employees of Quality Manufacturing Services, Inc. (FL) $19M · 99
- Bestcare, Inc. Employee Stock Ownership Plan (NY) $19M · 630
Frequently Asked Questions
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Multi-year trail
Ways to act on Independent Bank Corporation Employee Stock Ownership Plan's numbers.
- By total assets, Independent Bank Corporation Employee Stock Ownership Plan ranks above the median plan by assets. See the largest plans
- Compare it side-by-side against 3 similar ESOP plans in Michigan. Compare plans
- Independent Bank Corporation's sponsor-wide assets have grown 26.8% since 2022 across 3 plan years on file. More Finance & Insurance plans