Michigan’s Independent Bank Acquires HCB Bancorp for $70.2 Million

Independent Bank Corporation is a Michigan-based bank holding company, while HCB Financial Corp. owns Highpoint Community Bank. Independent’s first acquisition since 2018 fills a gap in its footprint between Grand Rapids and Lansing and allows it to use HCB’s ample liquidity to support commercial lending and expansion across the state.

The companies signed the agreement on March 18, 2026, valuing the transaction at approximately $70.2 million. HCB shareholders received $17.51 in cash and 1.590 Independent shares for each share held. The acquisition closed on July 1 after receiving regulatory and shareholder approvals. Before the merger, Independent had approximately $5.6 billion in assets and HCB had about $590 million.