A N N U A L R E P O R T 2 0 1 1
commitcareconnect Annual Shareholder Meeting
May 1, 2012 at 5:00 p.m.
Comfort Inn & Conference Center
2424 S. Mission St., Mt. Pleasant 48858
Mission Statement
To create an operating environment that will provide shareholders with sustained growth
in their investment while maintaining our independence and subsidiaries' autonomy.
Equal Employment Opportunity
The equal employment opportunity clauses in Section 202 of the Executive Order 11246, as amended; 38 USC 4212, Vietnam Era Veterans Readjustment Act of 1974; Section 503 of the Rehabilitation Act
of 1973, as amended; relative to equal employment opportunity and implementing rules and regulations of the Secretary of Labor are adhered to and supported by Isabella Bank Corporation and its subsidiaries.
David J. Maness, Chairman
Richard J. Barz, Chief Executive Officer
On behalf of our Board of Directors, we are
pleased to report another successful year for
Isabella Bank Corporation. The financial industry
has certainly faced challenges; however, we have
found communicating the good news has been very
important during times when so much of the attention
in the media has been focused on the negative. We
have a great story to tell and we have been working
hard to share it with our communities. In 2011, we
celebrated record earnings, strong dividends, and
solid growth which have positioned us well for 2012.
During 2011, we saw a 37% increase in the market price
of our stock and celebrated the 30th consecutive year
we increased cash dividends. The closing price of our
stock on December 30, 2011 was $23.70 compared
to $17.30 on December 31, 2010. While stock price is
driven by the market and not something within our
control, our financial performance can have a direct
impact on the dividends we pay to our shareholders. In
2011, our cash dividends totaled $0.76 per share, a 5.6%
increase from 2010. As shareholders, it is important
that we continue to reward you while balancing the
needs of our customers. And for many of you who are
both a customer and a shareholder, you understand
how important maintaining this balance is to our future.
Strategic growth will be a key component to keeping
the momentum of our success going forward. The
word strategic is very important as it emphasizes the
importance of having a solid plan. In other words,
we will not sacrifice the very core values which have
made us strong for the sake of growth. Our first
priority is organic growth, or growing and deepening
the number of relationships we have within our
current communities. The other approach to growth
involves expanding into new communities which fit
within our market area and complement our culture
as an organization.
We look to our Investment and Trust Services
Department to be a key driver of organic growth
in the years ahead. For that reason, we integrated
what used to be two separate departments into
one in 2011. Promoting one team allows us to more
easily reach out to our customers and employees,
increasing awareness of our products and services
in our communities. Together their services have the
ability to add tremendous value to the financial and
estate planning needs of our customers while creating
additional revenue opportunities for the Bank.
A discussion on growth would not be complete without
an update on our newest office in Midland. It is
hard to believe this office will celebrate its two year
anniversary in August. Midland is a perfect example
of strategic growth; the office is located within our
footprint and in a community that complements our
culture. At the end of 2011, our deposits had grown to
over $16.3 million and our loans exceeded $6.0 million
i
o r
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i
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" O u r
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i o r
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o r g a n i c g r o w t h ,
g r o w i n g
a n d d e e p e n i n g
o f
t h e n u m b e r
i o n s h i p s
t h i n
r e n t
i e s . "
r e l a t
w e h a v e w i
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t
c o m m u n i
for this location. We are pleased to report because of this growth,
we were able to add a full-time mortgage lender to the Midland team
for 2012. In the next year, we will also expand into the community
of Freeland. We have purchased property on the corner of Meyers
Street and M-47 with plans to begin construction later this spring.
Employee development has an important role in our sustainability.
Training has become a trademark for working at Isabella Bank;
focusing both on personal as well as professional development. Our
largest training initiative is our bank-wide customer service seminar
which we hold annually. We view this seminar as an opportunity to
reinvest in one of our most important assets, our employees. This
training stresses the importance of personal development while
continuing to build a culture of collaboration among our different
branches and departments.
At our 2012 seminar, we unveiled our new service vision,
"Commit - Care - Connect". This vision articulates the true purpose
of why our organization exists, putting into words the beliefs we
have valued for over a century. We are committed to connecting our
customers with the right products and services to meet their goals
and we do this with care and integrity.
Over the past few years, we have also made a very deliberate
investment in leadership development. Approximately six years ago,
we partnered with the distinguished Dale Carnegie training group to
invest in the personal development of our employees. This twelve
week program focused on taking leadership to the next level. Since
then, we are pleased to report over 150 of our staff have graduated
from this program. Executive development has been another key
area of focus for us. In partnership with a professional executive
development expert, we have two different groups going
through an intense two year executive development
program. As a result of this program, we have
seen both professional and personal growth in
these individuals. In addition, this development
program will ensure that our senior staff is well
prepared to lead this organization for many
years to come.
Keeping in the spirit of employee development, we would like to take
time to recognize our annual officer promotions. These individuals
exemplify the dedication it takes to uphold our values and we cannot
thank them enough for their contributions. In June, Mr. Steven
Pung was promoted to Executive Vice President and Mr. Jae Evans
was promoted to Chief Operations Officer. We also welcomed Mr.
Rich Russo to our team to serve as Greenville Division President.
In December, Mr. Dan Eversole (Human Resources) and Mrs. Barb
Place (Audit) were promoted to Senior Vice Presidents. Mrs. Carrie
Smith (Mortgages) and Mrs. Erika Ross (Marketing) were promoted
to Vice Presidents. Mrs. Freida Tilmann (Mortgages), Mr. Vern Houin
(Technology), and Mrs. Shelley Hobbs (Midland Branch Manager)
were promoted to Assistant Vice Presidents.
We would also like to recognize Mrs. Dianne Morey who retired
from our Board in 2011. As a local business owner herself, Dianne’s
insight added tremendous value to our Board. She has also been a
champion of our Bank in the community. Thank you Dianne for your
many contributions to Isabella Bank.
On behalf of our Board and employees, thank you for your support
in 2011. We are very proud of our accomplishments; without
your loyalty and trust our success would not be possible. We
look forward to seeing you at our annual shareholder meeting on
May 1, 2012 at the Mt. Pleasant Comfort Inn and Conference Center
at 5:00 p.m.
F r e e l a n d O f
f
i c e S c h e d u l e d
t o o p e n F a l
l
2 0 1 2
Dennis P. Angner, President & Chief Financial Officer
2011 Financial Highlights
& Industry Trends
▪ Record net income of
$10.21 million
▪ Record earnings per share
of $1.35, a 12.50% increase
▪ Assets at year end 2011
of $1.34 billion, a 9.15%
increase over 2010
▪ Deposit growth of 9.21%
In 2011, our net income was $10.21 million, an
increase of $1.17 million when compared to
year-end 2010. Over the past two years, our net
income has increased $2.41 million, or 30.90%, while
earnings per share have increased $0.31.
Loan quality continues to be an important factor
in determining financial performance. Our loan
quality remains strong as evidenced by our low
percentage of loans classified as nonperforming. As
of December 31, 2011, our ratio of nonperforming
loans to total loans was 0.95% compared to 2.95%
for our peer group. In 2011, our net charged-off
loans totaled $3.82 million, and while this number
is well below the state and national averages, it is
still well above our historical levels. (The average
percentage of charged-off loans to total loans from
2000 to 2007 was 0.14% versus 0.51% in 2011.)
In 2011, new regulations introduced in the Dodd-
Frank Wall Street Reform and Consumer Protection
Act (the “Dodd-Frank Act”) moved into our everyday
operations at the Bank. These rules have impacted
staffing requirements, compliance costs, and overall
profitability. The recent addition of an entirely new
department responsible for certain requirements
under these new rules is one example of how these
regulations affected staffing. This department’s
responsibility is to perform a review of all commercial
and residential appraisals done by third party providers
to determine if they meet industry standards. These
new regulations take a substantial time commitment
from our team. In addition to meeting our regulatory
requirements, we also need to understand how these
rules affect our customers and take the necessary steps
to minimize any inconvenience they may experience.
Since December 2008, market interest rates have
been at record lows. In a recent announcement, the
general consensus among the Federal Reserve Board
of Governors is there will be no significant change in
interest rate levels until late 2014. Clearly, interest
rates at these extremely low levels have resulted in
subsidizing borrowers at the expense of savers.
For many financial institutions, including Isabella
Bank Corporation, historically low interest rates
coupled with weakened loan demand have created
new challenges. Over the past three years, the total
balance of outstanding loans has declined on a state
and national level. During this time, our total assets
grew by $198.66 million, with loan growth accounting
for $26.98 million and investments $170.52 million.
While our loan growth has been less than we would
have liked, we are extremely fortunate to still show
growth. The challenge in this scenario becomes
deploying deposit dollars from higher paying loans to
lower yielding investments.
Managing interest rate risk during this low rate
environment is another trial facing the entire banking
industry. Interest rate risk is created when our assets
(loans) re-price at different speeds and time frames
than our liabilities (deposits). For example, in the
current environment borrowers want fixed rates for
the longest term possible, while savers generally opt
for short term or liquid deposit products. There is
an old adage in banking, there is no such thing as a
fixed rate loan in a falling interest rate environment
(many people will want to refinance). Conversely, in
a rising rate environment, there is no such thing as
a fixed rate certificate of deposit (many customers
are willing to pay the penalty to get a higher rate).
When interest rates increase, our deposits re-price
at higher rates, and faster than our loans. To manage
this risk, we have been borrowing long term fixed
rate funds from the Federal Home Loan Bank. While
this strategy has decreased our current net interest
yields, it provides long term protection against
interest rate risk.
Despite the challenges mentioned above, we continue
to be profitable; 2011 was a record setting year for
net income. We are proud to be a community bank;
we understand the value of being a locally owned
and operated business in our communities, and we
look forward to maintaining our independence into
the foreseeable future.
Peer Group Comparison
We subscribe to reports that compare the financial performance of Isabella Bank Corporation to
other bank holding companies in the United States who are similar in size ($1.0 billion-$3.0 billion
in assets). In all, there are 303 bank holding companies in our peer group. There are several
key ratios that we use to monitor the strength and soundness of Isabella Bank Corporation:
(1) Return on Assets; (2) Risked Based Capital to Risk Weighted Assets; (3) Problem Loans; and
(4) Allowance for Bad Debt to Problem Loans.
Return on Assets (ROA)
Isabella Bank Corporation 0.79%
Peer Group 0.62%
Problem Loans (Nonperforming)
Isabella Bank Corporation 0.95%
Peer Group 2.95%
ROA measures net income by the average
asset size of the bank holding company.
Our ROA in 2011 exceeded the peer group
by 0.17%.
Risk Based Capital to Risk
Weighted Assets
Isabella Bank Corporation 14.17%
Peer Group 15.43%
This measures the amount of capital
held against risk based assets. The
Corporation's ratio of 14.17% is strong
when compared to the required ratio
of 10.0% necessary to be considered
adequately capitalized under the Federal
Reserve Board's risk based capital
rules. The Corporation continues to
be profitable, well capitalized and has
funds available to meet its customers'
borrowing needs.
Problem Loans measures the percent of
loans that are over 90 days past due and still
accruing or placed in non-accrual because
collection is doubtful. Our total problem
loans (as a percentage of loans) is 0.95%
compared to 2.95% for our peer group.
The peer group average is over three times
higher than Isabella Bank Corporation.
Allowance for Bad Debt to
Problem Loans
Isabella Bank Corporation 173.03%
Peer Group 100.52%
Allowance for Bad Debt to Problem
Loans measures the amount of reserves
needed for possible loan losses. We have
$1.73 in reserves for every $1.00 of
nonperforming loans.
Results as of December 31, 2011
Income Statement Data
Total Interest Income
Net Interest Income
Provision for Loans Losses
Net Income
Balance Sheet Data
End of Year Assets
Daily Average Assets
Daily Average Deposits
Daily Average Loans/Net
Daily Average Equity
Per Share Data
Earnings Per Share
Basic
Diluted
Cash Dividends
Book Value (Year End)
Market Value (Year End)
Financial Ratios
Shareholders' Equity to Assets (Year End)
Return on Average Equity
Return on Average Tangible Equity
Cash Dividend Payout to Net Income
Return on Average Assets
(Dollars in thousands except per share data)
2011
$ 57,905
$ 41,702
$ 3,826
$ 10,210
$ 1,337,925
$ 1,287,195
$ 927,186
$ 730,919
$ 145,725
$ 1.35
$ 1.31
$ 0.76
$ 20.40
$ 23.70
11.57%
7.01%
10.30%
56.51%
0.79%
2010
$ 57,217
$ 40,013
$ 4,857
$ 9,045
$ 1,225,810
$ 1,182,930
$ 840,392
$ 712,272
$ 139,855
$ 1.20
$ 1.17
$ 0.72
$ 19.23
$ 17.30
11.84%
6.47%
9.55%
59.93%
0.76%
2009
$ 58,105
$ 38,266
$ 6,093
$ 7,800
$ 1,143,944
$ 1,127,634
$ 786,714
$ 712,965
$ 139,810
$ 1.04
$ 1.01
$ 0.70
$ 18.69
$ 18.95
12.31%
5.58%
8.53%
67.40%
0.69%
2008
$ 61,385
$ 35,779
$ 9,500
$ 4,101
$ 1,139,263
$ 1,113,102
$ 817,041
$ 708,434
$ 143,626
$ 0.55
$ 0.53
$ 0.65
$ 17.89
$ 25.50
11.80%
2.86%
4.41%
118.82%
0.37%
2007
$ 53,972
$ 28,013
$ 1,211
$ 7,930
$ 957,282
$ 925,631
$ 727,762
$ 596,739
$ 119,246
$ 1.14
$ 1.11
$ 0.62
$ 17.58
$ 40.00
12.86%
6.65%
8.54%
54.27%
0.86%
1,400
1,200
1,000
800
600
400
200
)
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(
Total Assets
Dividends Per Share
0.7
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s
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(
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2002
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2004
2005
2006
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2008
2009
2010
2011
Net Income
Ending Stock Price
)
s
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(
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2004
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2011
2002
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2004
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2006
2007
2008
2009
2010
2011
l
i g h t
B u s i n e s s S p o t
In 2011, we experienced growth and record net
income. We also celebrated 30 consecutive
years of increased cash dividends. Our story
is not uncommon in our communities. There
are many other businesses right in our
backyard who are taking on these economic
challenges, turning them into opportunities,
and succeeding. We would like to share with
you a few of these stories.
Business Spotlight
Sherwood Farms
St. Louis, MI
Cash crop farming has been part of the Sherwood family for three generations. Originally
started north of Wheeler by Lyle Sherwood, he then moved his operations to the present
location west of Breckenridge. His son, Arland, became involved in the farm, later
mentoring and passing along the business to his sons, Al and Jeff. They currently own
Sherwood Farms, with Arland helping at planting and harvesting time. Over the past
thirty years, farming has seen its share of changes, both in the competitive market and in
technology. Pricing which was once dependent on the weather conditions and demand
locally, is now influenced by factors internationally, as well as the Chicago commodities
market. Technological advances, such as equipment with built-in GPS, have created
efficiencies, minimizing waste and allowing the Sherwoods to effectively manage an
operation spread over 3,200 acres.
Strategic planning has played a key role in the success of Sherwood Farms. While many
may think cash crop farming is seasonal, Al and Jeff are busy year-round planning for the
future. They are able to utilize the tools available today to make decisions about when to
purchase supplies and sell crops. The unpredictability of farming also makes planning for
the challenging years important. Saving money during the good years, doing their own
repairs, not financially overextending themselves, and protecting their business using crop
insurance have all been strategies used by the Sherwoods to make this multi-generation
farm successful.
Why Bank with a Community Bank?
"It is good for the community to work with the community. Isabella Bank
has always taken care of us and we have confidence in them."
commit Kyle's Manufacturing
Farwell, MI
In 1996, what began as an idea for manufacturing valves has grown today
into a successful business located in Farwell. While the sheer cost of
starting a manufacturing business may have deterred many entrepreneurs
from taking this idea further, Dave Kyle was determined to turn his vision
into reality. With years of manufacturing experience and encouragement
from others in the industry, Dave wrote the initial business plan for Kyle's
Manufacturing. Success for this northern Michigan business was built
upon their perseverance, product integrity, and community support.
Kyle's Manufacturing has created a competitive edge in the market through
their attention to detail and ability to deliver on promises. These are
both qualities that drive customer loyalty, a cornerstone of the company's
brand. Technology has been embraced by the company in order to
produce quality products while improving efficiencies. As a result of these
strategies, they have outgrown their original building, their two machines
have become 17, and the company employs 10 people.
Why Bank with a Community Bank?
"Isabella Bank is like working with family. They treat you
like family."
care Casair, Inc.
Stanton, MI
In rural communities, internet access is not always available to families and businesses. This has created
many challenges not only for those wishing to get access at home but also for the businesses which rely
upon electronic communication for their day-to-day operations. Steve Meinhardt saw this need as a great
opportunity for his business, Casair, to assist the community. His business, originally located in his father’s
garage, began with computer programing and since then has grown rapidly, expanding their services, and
now employing 22 people. In addition to internet services, Casair provides network security, business IT
support, hosting services and computer repair.
In the technology industry, changes happen continuously and staying ahead of the curve is essential for the
survival of any business. One of Casair’s key strategies for success has been to reinvest profits back into
their business. By doing so, they have enhanced their services and expanded their coverage area. Their
commitment to continuously improve their services shows their dedication to providing their customers
with a positive experience. They recognize their business is as much about providing the support
surrounding the service as it is about providing the service itself. In other words, their value as a company
is dependent upon having the support available to customers when they have questions.
Just as Steve recognized the opportunity to bring internet services to his community, he continues to look
for other opportunities. This is another key ingredient to their success. In 2010, Casair began a $26 million
expansion project in order to provide high speed broadband services to the underserved areas of Mecosta,
Montcalm, Gratiot and Northern Ionia counties. As a result of this project, the company anticipates adding
30 more employees.
Why Bank with a Community Bank?
"Isabella Bank was willing to cater to the unique needs of our high capital needs business.
Isabella Bank provides the perfect balance of the advanced technology of a national
bank along with the personal touch and local convenience of a community bank."
Northwind Investments
Mt. Pleasant, MI
In the highly competitive fast food industry, business owners must find a way to differentiate
themselves from other restaurants and grocery stores in order to be successful. With a travel center
(convenience store/gas station/truck stop), nine Qdoba restaurants and 24 Burger King locations
throughout Mid and Northern Michigan, Northwind Investments has accomplished this through
their top-line management style, dedication to customer service and product diversification.
Owners Greg Johnroe, Norm Spalding, Bob Spalding, and Kevin Egnatuk use a top-line management
strategy which focuses on delivering exceptional customer service and building brand awareness
throughout their communities (a bottom-line strategy centers the decision making process purely
around profit). Northwind’s dedication to customer service is part of their culture and is valued
by their 900+ employees throughout their 33 locations. This culture of service excellence has led
them to be recognized by Qdoba Corporation on eight different occasions for their success. In
addition, their Mt. Pleasant location received an award during their grand opening in 2007 for the
highest first week’s sales volume for any Qdoba restaurant up to that time.
Northwind's success can also be attributed to their ability to look into the future to uncover
opportunities. Despite the challenges in the economy, they have taken this opportunity to
diversify their business, adding three new locations and looking at the addition of new food
offerings to meet the changing needs and expectations of their customers.
Why Bank with a Community Bank?
“The large regional and national banks look at companies like us, and try to find a
way to fit us into one of their “boxes” for services and loan relationships. Isabella
Bank comes to us with the attitude of “How can we help you ?” and then finds
ways to adapt to our needs. It is such a refreshing way to do business."
connect Doyle Forest
Products, Inc.
Paris, MI
John Doyle originally started Doyle Forest Products fifty-five years ago and has since
passed the business along to his son, Joe. The company provides timber removal
services in and around Paris, Michigan (45 mile radius) and employs 18 people.
When the business began, there were many competitors in the industry and today,
the consolidation of large mills has added new challenges. Over the years, the
Doyles’ ability to effectively locate timber, differentiate their service, and market
their product for resale have all been keys to their success.
When it comes to locating timber, the Doyles’ commitment to customer satisfaction
and service differentiation keeps business in the pipeline well into the future. Most
of their business comes from the positive word of mouth experiences from their
customers, and they rely very little on advertising. The Doyles take great pride in
leaving a job site clean for their customers and have invested in the sophisticated
equipment needed to be efficient with their time while minimizing waste.
During tough economies, forestry companies have not always been able to market
their products. While the Doyles have seen their fair share of challenges, their strong
relationships with others in the industry have had a substantial impact on their
success. Their willingness to complete custom projects when no one else would,
helped build Doyle Forest Products' reputation for being flexible and dependable.
What resulted from these close relationships was a network of local businesses who
worked together to adapt and be successful despite tough times.
Why Bank with a Community Bank?
"Isabella Bank has worked very hard to understand our business and
to anticipate our needs. They have structured their services well, and
I really appreciate their ability and willingness to participate in our
long term planning."
Board of
Directors
DAVID J. MANESS - Chairman
President, Maness Petroleum Corporation
RICHARD J. BARZ
Chief Executive Officer, Isabella Bank Corporation
DENNIS P. ANGNER
President and Chief Financial Officer, Isabella Bank Corporation
JEFFREY J. BARNES, MD
Physician and Co-Owner, Central Eye Consultants
SANDRA L. CAUL
State Representative (retired)
JAMES C. FABIANO
Chairman & Chief Executive Officer, Fabiano Brothers, Inc.
G. CHARLES HUBSCHER
President, Hubscher and Son, Inc.
JOSEPH LaFRAMBOISE
Sales and Marketing Executive, Ford Motor Company (retired)
THOMAS L. KLEINHARDT
President, McGuire Chevrolet
W. JOSEPH MANIFOLD, CPA
Chief Financial Officer, Federal Broach & Machine Co.
W. MICHAEL McGUIRE
Director of the Office of the Corporate Secretary,
The Dow Chemical Company
DALE D. WEBURG
President, Weburg Farms, Inc.
David J. Maness
Richard J. Barz
Dennis P. Angner
Jeffrey J. Barnes, MD
Sandra L. Caul
James C. Fabiano
G. Charles Hubscher
Joseph LaFramboise
Thomas L. Kleinhardt W. Joseph Manifold, CPA W. Michael McGuire
Dale D. Weburg
Isabella Bank Corporation Officers
RICHARD J. BARZ
Chief Executive Officer
DENNIS P. ANGNER
President and Chief Financial Officer
BARBARA A. PLACE, CPA
Senior Vice President
PEGGY L. WHEELER
Senior Vice President
CYNTHIA J. DIEHM
Vice President
GREGORY S. MAPES
Vice President
PATRICIA A. PLAXTON
Vice President
AMY C. VOGEL
Vice President
Isabella Bank Officers
RICHARD J. BARZ
President and Chief Executive Officer
STEVEN D. PUNG
Executive Vice President
JAE A. EVANS
Chief Operations Officer
DAVID J. REETZ
Chief Lending Officer
BARBARA B. DIEHM
Senior Vice President
DANIEL E. EVERSOLE
Senior Vice President
JAMES L. BINDER
Vice President
JULIE F. BOLT
Vice President
RANDY J. DICKINSON, CPA
Vice President
DAVID D. GILLESPIE
Vice President
MICHAEL K. HUENEMANN
Vice President
ROBERT K. MADSEN
Vice President
ERIKA M. ROSS
Vice President
PAUL C. SIERS
Vice President
CARRIE S. SMITH
Vice President
JEFFREY W. SMITH
Vice President
JONATHAN J. WAINWRIGHT
Vice President
PEGGY L. WHEELER
Vice President
LEO R. WICKERT
Vice President
Breckenridge Division
Board of Directors
DALE D. WEBURG - Chairman
DENNIS P. ANGNER
RICHARD J. BARZ
DAVID J. KING
WILSON C. LAUER
TIMOTHY M. MILLER
KIRK L. SMITH
GREGORY V. VARNER
Breckenridge Division Officers
TIMOTHY M. MILLER
President
BRIAN K. GOWARD
Vice President
KENNETH L. HOWELL
Vice President
BARBARA K. McKENZIE
Vice President
JOHN D. RIVETT
Vice President
Farwell Division
Board of Directors
HERBERT R. MILLER - Chairman
DENNIS P. ANGNER
RICHARD J. BARZ
THOMAS E. KEDROWSKI
THOMAS L. KLEINHARDT
W. MICHAEL McGUIRE
LARRY R. SCHOFIELD
THOMAS J. WALLACE
Farwell Division Officers
THOMAS J. WALLACE
President
MELODY M. DARNELL
Vice President
TIMOTHY M. WILSON
Division Senior Lender
Greenville Division
Board of Directors
LEALAND T. WALLIN - Chairman
DENNIS P. ANGNER
RICHARD J. BARZ
KIRKWOOD E. FABER, DDS
DEBRA JORGENSEN-HUCH
ALEXANDER R. KEMP
GREGORY D. MILLARD
JAMES M. MULLENDORE, Jr.
RICHARD K. RUSSO
Greenville Division Officers
RICHARD K. RUSSO
President
KATHY J. KORSON
Vice President
DAVID W. SEPPALA
Vice President
Mecosta Division
Board of Directors
RICHARD J. BARZ
Dr. RALPH P. CREW
LAWRENCE E. EMIG
KEVIN J. DEFEVER
JOSEPH LaFRAMBOISE
JEROME E. SCHWIND
Mecosta Division Officers
JEROME E. SCHWIND
President
Financial Group Information Services
Board of Directors
DALE D. WEBURG - Chairman
DENNIS P. ANGNER
RICHARD J. BARZ
JAE A. EVANS
THOMAS L. KLEINHARDT
JOSEPH LaFRAMBOISE
W. MICHAEL McGUIRE
DAVID J. MANESS
TIMOTHY M. MILLER
STEVEN D. PUNG
JONATHAN J. WAINWRIGHT
Financial Group Information
Services Officers
JONATHAN J. WAINWRIGHT
President
JULIE A. HUBER
Vice President
Board of Directors and Senior Officers as of March 2012
Investor Relations
For More Information, Contact Debra Campbell
(989) 779-6237 │ 401 N. Main St., Mt. Pleasant, MI 48558
or visit www.isabellabank.com ► Investors
Stock Information
Isabella Bank Corporation common stock is traded under the symbol ISBA on the OTCQB Tier of the OTC
Markets Group, Inc.’s electronic quotation system. Current stock price and availability can be obtained by
contacting a licensed broker or through the Investment and Trust Services Department at Isabella Bank.
To learn more about Isabella Bank Corporation, visit the Investors tab at www.isabellabank.com or contact
Investor Relations.
Isabella Bank Corporation │ 401 N. Main Street │ Mt. Pleasant, MI 48858