The board of Grand Rapids, Mich.-based Independent Bank Corp. authorized a new repurchase plan under which the company may buy back up to 1,120,000 shares, or about 5%, of its common stock.

The share repurchase plan will last through Dec. 31, 2020.

The company's 2019 share repurchase plan will expire Dec. 31. Through Dec. 16, Independent Bank had repurchased 1,204,688 common shares at an average price, including commissions, of $21.82 per share.