Independent Bank Corporation announced that its Board of Directors authorized a 2024 share repurchase plan on December 19, 2023. Under the terms of the 2024 share repurchase plan, the company is authorized to buy back up to 1,100,000 shares, representing approximately 5% of its common stock. The 2024 share repurchase plan is authorized to last through December 31, 2024. The company’s 2023 share repurchase plan will expire on December 31, 2023. Through December 19, 2023, the company had repurchased 298,601 shares of its common stock at an average price of $17.27 per share.
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