Independent Bank Taps Veteran Stodolak to Helm Retail Banking

GRAND RAPIDS, MI – January 02, 2026 – Independent Bank Corporation (NASDAQ: IBCP) is setting the course for the future of its retail banking division, announcing the promotion of company veteran Michael J. Stodolak to Executive Vice President, Retail Banking. The move is part of a carefully orchestrated succession plan, with Stodolak set to assume the role following the retirement of current EVP Russ Daniel in March 2026.

This key leadership transition at the Michigan-based community bank holding company signals a commitment to leveraging deep institutional knowledge while adapting to a dynamic financial landscape. The appointment of an internal leader with a quarter-century of experience at the bank underscores a strategy focused on continuity, stability, and an evolution of its customer-centric approach.

A New Era Focused on Evolution

Michael J. Stodolak is poised to take the helm of the retail division with an extensive 38-year career in financial services, the last 25 of which have been dedicated to Independent Bank. His long tenure, most recently as Senior Vice President and Market President, has given him an intimate understanding of the bank’s operations, culture, and the communities it serves. His track record points toward a leadership style that blends operational excellence with a profound focus on people—both customers and employees.

Colleagues and public records credit Stodolak with introducing "countless efficiencies to the branch network," a critical achievement in an era where physical branches are being reimagined as hubs for complex advisory services rather than simple transactions. His leadership in this area suggests a continued focus on optimizing the bank’s physical footprint to complement its growing digital channels. Furthermore, his success in leading the bank's Consumer Lending program highlights his expertise in a core revenue-driving segment of retail banking.

Stodolak’s philosophy appears deeply rooted in human connection. He has been recognized for consistently cultivating "growth and development within the retail team" and for an "exemplary" focus on "deepening of customer relationships." This dual commitment to employee empowerment and client loyalty is a cornerstone of the community banking model and will likely be central to his strategy. His external industry involvement, including roles on the Graduate School of Banking's Banker's Advisory Board and the Saginaw Valley State University School of Business Advisory Board, further cements his standing as a respected leader in the financial community. Market observers anticipate that Stodolak will build upon the strong foundation he inherits, driving an evolution of the bank's retail operations rather than a disruptive overhaul.

The Legacy of a Transformative Leader

Russ Daniel’s retirement in March will mark the end of a distinguished 27-year career at Independent Bank, a period during which he left an indelible mark on nearly every facet of the organization. His leadership was not confined to a single department; instead, his strategic guidance extended across a vast and diverse portfolio, including Mortgage, Bank Operations, Wealth Management, Marketing, Retail, Consumer Lending, and Digital and Product Sales. This breadth of experience gave him a holistic perspective that was instrumental in shaping the bank's growth and reputation.

Daniel’s impact was formally recognized by Brad Kessel, President and CEO of Independent Bank, who expressed gratitude for his "countless contributions, his strategic thinking, and his passion for development of both people and processes." This praise highlights a legacy built not just on financial results, but on fostering a culture of innovation and nurturing talent from within. His oversight of the bank's digital and product sales initiatives was particularly crucial, guiding Independent Bank's adaptation to the technological shifts that have redefined modern banking. He leaves behind a robust and multifaceted retail operation, providing a strong platform for his successor.

Navigating Michigan's Competitive Banking Arena

Independent Bank, with approximately $5.5 billion in assets, operates in a fiercely competitive Michigan market. It contends with a mix of large national institutions, regional powerhouses like Huntington Bank and Comerica Bank, and a vibrant ecosystem of other local community banks. Success in this environment requires a clear strategic vision and a distinct value proposition. The dominant trends shaping the sector include the relentless pace of digitalization, where customers demand seamless mobile and online experiences, and a growing expectation for personalized financial advice and wellness tools.

Against this backdrop, Independent Bank has long differentiated itself by combining "big bank know-how" with a "small bank know-you" philosophy. This emphasis on personal service and community connection is a powerful tool against larger, less localized competitors. Stodolak’s promotion appears to be a direct reinforcement of this strategy. His proven ability to enhance branch efficiency while simultaneously deepening customer relationships is perfectly suited for a hybrid model that marries digital convenience with high-touch, in-person advisory services. As Michigan businesses continue to seek growth capital, the strength of the bank's consumer and commercial lending programs, an area of Stodolak's expertise, will remain a critical competitive advantage.

A Foundation of Financial Strength

The leadership transition is occurring from a position of notable financial stability. Independent Bank Corporation has posted solid performance metrics, including a 3.9% revenue growth over the past three years and a strong net margin of 30.82%. The bank’s return on equity (ROE) of 14.66% further indicates its efficiency in generating profits from shareholder funds. These healthy financials provide a stable foundation for Stodolak to implement his strategic initiatives.

Market sentiment surrounding IBCP appears positive. Analyst reports from sources like InvestingPro suggest the stock is undervalued, and multiple analysts have recently revised their earnings estimates upward. Furthermore, measures of financial health, such as a high Piotroski F-Score, point to a fundamentally sound operation. The decision to promote from within is typically viewed by investors as a sign of stability, strong succession planning, and confidence in the existing management culture. This move avoids the uncertainty that can accompany an external hire and ensures that the new leader is already aligned with the bank's core values. All eyes will now turn to the company's upcoming earnings release on January 22, which will provide the first opportunity for investors and the public to hear directly from the leadership team about the bank's outlook for the coming year.