Independent Bank Appoints Mike Stodolak as EVP of Retail Banking

New delhi: Independent Bank Corporation has announced the appointment of Mike Stodolak as Executive Vice President of Retail Banking, effective immediately. Stodolak will succeed Russ Daniel, who is retiring in March after a 27-year career with the bank.

Stodolak brings 38 years of experience in financial services, including 25 years at Independent Bank, where he has led the retail network and consumer lending programs. His work has focused on improving branch efficiency and team development.

Russ Daniel’s retirement marks the end of a distinguished career spanning roles in mortgage, wealth management, operations, marketing, retail banking, consumer lending, and digital services.

Brad Kessel, President and CEO, remarked, “As we celebrate Russ’s extraordinary service, we are proud to welcome Mike into this well-deserved new role.”

Founded in 1864, Independent Bank operates across Michigan’s Lower Peninsula with total assets of approximately $5.5 billion. The bank offers commercial banking, mortgage lending, investments, and title services. It has a long-standing record of dividend payments, having increased its dividend for 12 consecutive years.

In recent financial updates, the bank reported third-quarter 2025 earnings of $0.84 per share, meeting forecasts, while revenue totaled $57.3 million, slightly below the expected $58.5 million. The bank also announced a share repurchase plan for 2026, allowing the buyback of up to 1.1 million shares, about 5% of outstanding shares, through open market transactions.

Additionally, Michael G. Wooldridge has been appointed to the boards of both Independent Bank Corporation and Independent Bank. Wooldridge brings expertise in corporate governance and securities law, enhancing the bank’s leadership and strategic oversight.

These updates reflect the bank’s continued focus on strategic growth, leadership transitions, and governance improvements.