August 23, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Independent Bank Corp. (NASDAQ: IBCP ) said it has taken steps to initiate a one-for-ten reverse stock split of the company's common stock to be effective August 31.

As a result of the reverse stock split, every ten shares of the company's common stock issued and outstanding immediately prior to the effective date will be combined into one share of common stock.

Independent said it expects that trading of its common stock on the NASDAQ Global Select Market on a split-adjusted basis will begin at the open of trading on September 1, 2010.

Michigan-based Independent Bank is bank holding company that was founded as First National Bank of Ionia in 1864. Independent Bank currently operates more than 100 offices across Michigan's Lower Peninsula through one state-chartered bank subsidiary.

The subsidiary (Independent Bank) provides a range of financial services, including commercial banking, mortgage lending, investments and title services. Independent Bank Corp. is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves

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