The board of Independent Bank Corp. in Ionia, Mich. is already making plans in advance of its leader's retirement next year.
The $2.5 billion-asset company said late Wednesday that Bradford Kessel, the chief operating officer of its bank, will become president of the company on April 1.
Mike Magee, the company's president and chief executive, would remain CEO until his retirement at the end of next year.
Magee is set to become the company's chairman following this year's annual meeting. He also agreed to serve as a consultant to Independent's management team for two years after his retirement.
Jeff Bratsburg, the company's chairman, said in a press release that it has turned its attention to its future as its condition improves.
Earlier this month Independent reported a fourth-quarter loss of $4.9 million, a 90% improvement from a year earlier, as credit costs and nonperforming assets fell and capital ratios improved.