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Independent Bank Corp. OKs buyback plan; unit reaches $2.2M settlement

The board of Independent Bank Corp. authorized the repurchase of up to 5% of the company's outstanding common stock, with the buyback plan to run through Dec. 31.

The Grand Rapids, Mich.-based company repurchased 1,153,136 shares, or approximately 5.2% of its outstanding common stock, at a weighted average price of $14.62 per share in 2016.

Independent Bank Corp. recorded fourth-quarter 2016 net income of $5.9 million, or 27 cents per diluted share, up from $5.6 million, or 25 cents per diluted share, in the year-ago period. Full-year net income was $22.8 million, or $1.05 per diluted share, compared to $20.0 million, or 86 cents per diluted share, in 2015.

Also, company unit Independent Bank, in December 2016, reached a tentative settlement for a case concerning the bank's checking account transaction sequencing from February 2009 to June 2011. Independent Bank agreed to pay $2.2 million and will shoulder other related costs totaling around $100,000.