Michael G. Wooldridge has reported new transactions involving phantom stock units, reflecting a significant increase in his ownership in Independent Bank Corp. This development is important as it highlights the ongoing activity within the state commercial banking sector.
The filing, submitted on October 2, 2026, details Wooldridge's acquisition of phantom stock units that will be settled in Independent Bank Corp's common stock upon his retirement as a director. The transactions occurred on August 14 and October 1, 2026, with Wooldridge acquiring 3.09 and 140.23 units, respectively.
Background
Wooldridge Michael G. is associated with Independent Bank Corp, which operates in the state commercial banking sector. The bank is based in Grand Rapids, Michigan, and is listed under the CIK number 0000039311. The recent filings indicate a pattern of activity, with multiple Form 4 submissions detailing ownership changes.
What the Filing Says
The recent filing states, "The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director." This highlights the nature of the units and their eventual conversion to common stock.
Impact
This update may affect various stakeholders in Independent Bank Corp, including shareholders and board members. Wooldridge's increased ownership could influence governance decisions and investor confidence in the bank's leadership.
What's Next
The filing does not say what happens next.