Payne joins Independent Bank as reverse mortgage specialist
May 01, 2007
TRAVERSE CITY, Mich. — David M. Payne has joined Independent Bank as a reverse mortgage specialist. In his new position, he will assist seniors throughout northern and western Michigan in the process of applying for a reverse mortgage.
Payne has more than 20 years of banking experiencing and has specialized in the reverse mortgage industry for the last several years.
“We are pleased to welcome David to Independent Bank,” said Russ Daniel, senior vice president of mortgages for Independent Bank. “His expertise in reverse mortgages will be beneficial as Independent Bank begins offering reverse mortgages in our lending portfolio.”
Reverse mortgages are a new product within Independent Bank’s portfolio of more than 90 mortgage offerings. Homeowners age 62 and over can benefit from a reverse mortgage by cashing out the equity in their home to pay for a variety of expenses. With reverse mortgages, payment of the loan is not due until the home is sold or the borrower no longer occupies it as the primary residence.
Payne attended Michigan State University. He is the past president of the Kalkaska Rotary Club and recipient of the Rotarian of the Year award from the same club. His other community service involvement includes having served on the boards of both the Kalkaska Memorial Health Center and Munson Regional Foundation.
Independent Bank West Michigan is a network of 25 banking offices in the communities of Belding (2), Big Rapids, Carson City, Cedar Springs, Croton-Hardy, Grand Rapids (6), Howard City, Ionia (3), Lyons, Muskegon/Norton Shores, Newaygo, Rockford, Sand Lake, Saranac, Sparta, Trufant and White Cloud, and seven loan offices, in the communities of Belmont, Charlevoix, Fremont, Holland, Ionia, Petoskey and Traverse City. The bank provides a full range of financial services including retail and commercial banking, mortgage lending, investments and title services.
Independent Bank West Michigan is an affiliate of Independent Bank Corporation (NASDAQ: IBCP), an Ionia, Mich.-based bank holding company with total assets of more than $3.4 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation now operates 120 banking and loan offices across Michigan’s Lower Peninsula through four, state-chartered bank subsidiaries. These affiliates are known Independent Bank, Independent Bank East Michigan, Independent Bank South Michigan and Independent Bank West Michigan. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, its stockholders and the communities it serves.
