ESOP · DOL Form 5500 · 2024

Independent Bank Corporation ESOP

Data updated 2026-08-25

$19M
Total assets Small plan by assets
760
Participants Near avg headcount
69th
Percentile by assets National rank
$25,266
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

$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.

  • #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.

#4,637
in Finance & Insurance (8,549 peers)
+29.7%
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 2024 · DOL Form 5500

$19,202,400 Top 31% higher than 69% of 123,620 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 2024

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

Plan-year 2024 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 (760 participants).

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.

See the national 2023→2024 release diff →

EBSA filing schedule strip

Filing strip 382032782 · Independent Bank Corporation PY 2024 · ESOP

Independent Bank Corporation Employee Stock Ownership Plan · $19M · 760 · 69th

  • BOOK $19M
  • VS-ST 760
  • BOY 69th
  • SCH ESOP
  • EBSA near Commercial Custom Seating and Upholstery Inc., Employee Stock Ownership Plan
  • PART ind #4637

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

Employee Stock Ownership Plan and Trust for the Employees of Quality Manufacturing Services, Inc.Employee Stock Ownership Pla…$19MIndependent Bank Corporation Employee Stock Ownership PlanIndependent Bank Corporation…$19MCommercial Custom Seating and Upholstery Inc., Employee Stock Ownership PlanCommercial Custom Seating an…$19MLifetime Industries Employee Stock Ownership PlanLifetime Industries Employee…$19MBestcare, Inc. Employee Stock Ownership PlanBestcare, Inc. Employee Stoc…$19M
End-of-year total assets ($M) among Independent Bank Corporation Employee Stock Ownership Plan and nearest nationwide ESOP peers. Source: DOL Form 5500 plan year 2024.

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 (2024)

Total Assets (Beginning of Year)$15M
Net Assets (End of Year)$19M
Net Income$4M
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. 05001000150020002500 -0.500.511.52 Total assets ($B) Participants Independent Bank Corporation Employee Stock Ownership Plan, Total assets ($B): 0.0192024 · Participants: 760Independent Bank Corporation Employee Stock Ownership PlanMcnaughton-Mckay Electric Company Employee Stock Ownership Plan, Total assets ($B): 1.551258212 · Participants: 1780Mcnaughton-Mckay Electric Company Employee Stock Ownership PlanThe Kendall Group Employee Stock Ownership Plan, Total assets ($B): 0.899849551 · Participants: 1936The Kendall Group Employee Stock Ownership PlanProject Worldwide, Inc. Employee Stock Ownership Plan, Total assets ($B): 0.452711138 · Participants: 1284Project Worldwide, Inc. Employee Stock Ownership PlanMotor City Electric Co. Employee Stock Ownership Plan, Total assets ($B): 0.410252812 · Participants: 218Motor City Electric Co. Employee Stock Ownership PlanLee Contracting, Inc. Employee Stock Ownership Plan, Total assets ($B): 0.250474411 · Participants: 565Lee 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 Commercial Custom Seating and Upholstery Inc., Employee Stock Ownership Plan in CA ($19M); by covered participants it is The Bernard Group Inc. Employee Stock Ownership Plan in MN (758 participants). Same-state nearby plans are listed separately above.

Similar participant headcount

Nearest other-state filings by covered participants (760 participants); asset peers above are excluded.

DOL Form 5500 plan year 2024. 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 2024? ▼
Independent Bank Corporation Employee Stock Ownership Plan grew sharply - up 29.7% during 2024, from $15M to $19M. Reported net income was $4M.
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 Commercial Custom Seating and Upholstery Inc., Employee Stock Ownership Plan in CA ($19M, 109 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 The Bernard Group Inc. Employee Stock Ownership Plan in MN (758 participants, $123M in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2024.

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.