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Michigan-based Independent Bank Corp. expands 2016 stock buyback plan

's boardauthorized a $5 million expansion of its 2016 share repurchase plan, which is authorized to lastthrough Dec. 31, according to an April 26 news release.

During thefirst quarter, the company repurchased 1,059,865 common shares, representing4.8% of its Dec. 31, 2015, outstanding shares, at a weighted average price of$14.63 per share. This leaves 52,703 shares remaining in the original 2016share repurchase plan.