PL Capital Group's stake in Grand Rapids, Mich.-based Independent Bank Corp. has fallen below the 5% reporting threshold.

The reporting persons, which include Richard Lashley, John Palmer and PL Capital Advisors LLC, entered into a stock purchase agreement with the company May 20. It covers the sale of 660,000 Independent Bank common shares to the company at $22 apiece.

As a result, the investor group reduced its percentage ownership to 4.97%, or 1,167,285 Independent Bank common shares.