Independent Bank is acquiring HCB Financial, the parent company of Highpoint Community Bank, in a cash and stock deal valued at approximately $70.2 million.
The partnership combines two Michigan community banks, bolstering Independent’s footprint in the corridor between Grand Rapids and Lansing. The combined organization will have approximately $6.1 billion in total assets, $5.3 billion in total deposits, and $4.7 billion in total loans.
The merger will bring Highpoint’s seven locations to Independent’s current 59 branch network, bridging a geographic gap between Independents primary hubs in Grand Rapids and Lansing and planned growth into Southwest Michigan.
“We are thrilled to welcome the Highpoint Community Bank team and customers to Independent Bank,” Brad Kessel, president and CEO of Independent Bank Corp., said. “This partnership is a perfect fit both geographically and culturally. By combining Highpoint’s strong core deposit base and deep community roots with our expanded product set, we are better positioned to serve the families and businesses of Michigan while delivering meaningful value to our shareholders.”
Under the terms of the agreement, Independent will issue 1.590 shares of its common stock plus $17.51 in cash for each outstanding share of HCB. Based on the closing price of Independent’s common stock of $33.13 on March 17, 2026, the transaction would result in aggregate consideration paid to HCB shareholders of approximately $70.2 million.
“Joining forces with Independent Bank represents an exciting new chapter for our organization. We have long respected Independent’s commitment to community banking. This merger strengthens our ability to serve customers with greater lending capacity and enhanced digital capabilities, while keeping our employees part of a Michigan-headquartered team rooted in and committed to our local communities,” Mark Kolanowski, president and CEO of HCB Financial Corp., said.
One HCB director will join each of the board of Independent, the holding company, and Independent Bank following completion of the merger.
The transaction is expected to close early in the third quarter of 2026, subject to customary regulatory approvals, the approval of HCB shareholders, and the satisfaction of certain other closing conditions.