Colonnade advises Mepco Insurance Premium Finance on its sale to Independent Bank Corporation

Colonnade advises Mepco Insurance Premium Finance on its sale to Independent Bank Corporation

In April 2003, Independent Bank Corporation (NASDAQ:IBCP), acquired Mepco Insurance Premium Financing, Inc. (“Mepco”) of Chicago, Illinois. Mepco’s senior management team will continue to lead and operate the business after the closing of the transaction.

Mepco is a 40-year-old company that specializes in financing insurance premiums and automobile warranty contracts. At December 31, 2002 Mepco had total assets of approximately $96 million and total finance receivables of approximately $89 million. Independent Bank is a bank holding company that operates 97 offices in Michigan.

Colonnade Advisors LLC served as exclusive financial advisor to Mepco.