Independent Bank to acquire HCB Financial for ~$70.2M in cash/stock, ~6% EPS accretive

INDEPENDENT BANK CORP /MI/

HCB shareholders receive 1.590 shares of IBCP stock + $17.51 cash per share; total consideration ~$70.2M.
Deal expected to be ~6% accretive to 2027 EPS; TBV dilution of ~4% earned back in ~3.4 years.
Combined entity pro forma ~$6.1B assets, $5.3B deposits, $4.7B loans; projected CET1 ~11.5%.
HCB's 7 branches fill geographic gap between Grand Rapids and Lansing; low-cost deposit base (1.50%).
Transaction unanimously approved; expected close early Q3 2026, subject to regulatory and HCB shareholder approval.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

INDEPENDENT BANK CORP /MI/ entered into Agreement and Plan of Merger with HCB Financial Corp. valued at approximately $70.2 million (effective 2026-03-18).

Action: entry
Agreement: merger
Counterparty: HCB Financial Corp.
Value: approximately $70.2 million
Effective: 2026-03-18

Exact text from the filing

On March 18, 2026, Independent Bank Corporation (“ Independent ”) and HCB Financial Corp. (“ HCB ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) providing for a business combination of Independent and HCB.

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INDEPENDENT BANK CORP /MI/ filing history →

Source: SEC EDGAR

accession 0000039311-26-000020

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