CELEBRATING 110 YEARS
I S A B E L L A B A N K
C O R P O R A T I O N
2 0 1 3
A N N U A L R E P O R T
CELEBRATING 110 YEARS
of GROWTH
I
N
N
O
V
A
T
I
O
N
& ANNUAL SHAREHOLDER MEETING
April 30, 2014 at 5:00 p.m.
Comfort Inn & Conference Center ● 2424 S. Mission St., Mt. Pleasant, MI 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.
Jae A. Evans, Chief Executive Officer &
David J. Maness, Chairman
To Our Shareholders, Customers and Neighbors,
ANOTHER RECORD SETTING YEAR FOR NET
INCOME, THE GRAND OPENING OF OUR SECOND
BIG RAPIDS OFFICE, RECOGNITION BY THE DETROIT
FREE PRESS AS A TOP 100 WORKPLACE AND
32 YEARS OF CONSECUTIVE DIVIDEND GROWTH
ARE JUST A FEW OF OUR HIGHLIGHTS FROM 2013.
GROWTH: THREE OFFICES IN THREE YEARS
While many banks are closing offices, we continue to
expand. In the last three years, we opened offices
in two new communities, Midland and Freeland, and
added a second location in Big Rapids. Every June, the
FDIC releases market share data; the chart below shows
our deposit growth in these communities.
As we reflect upon this past year, our industry
faced several challenges with low interest rates and
more regulations. Yet, the lesson to be learned is
that with challenge comes opportunity, and this
year we made the most of those opportunities.
In 2013, we quietly celebrated our 110 year anniversary.
For a bank, or any business, to celebrate an anniversary
of this magnitude is quite an accomplishment. A
healthy balance between tradition and innovation has
helped us serve our communities for more than 110
years. Tradition focuses on our commitment to core
values: caring for our communities, doing what is right
for our customers, and empowering our employees on
a local level. Innovation concentrates on growth into
new markets, new product development, and strategic
planning – anticipating future needs and planning for
them. This year’s letter focuses on our commitment
to growth and innovation. It also describes the
important role employees, directors and you have in
our future success.
DEPOSITS & MARKET SHARE by CITY
(source: FDIC)
June '13 June '12 June '11
Big Rapids
Deposits (thousands) $25,389
Market Share
8.86% 8.66%
$22,560 $23,543
8.64%
Midland
Deposits (thousands) $24,405 $18,827 $13,332
1.20%
Market Share 2.45% 1.78%
Freeland
Deposits (thousands)
Market Share
$4,290 - -
5.37% - -
The Midland office, which opened in August 2010,
continues to grow. In June 2013, we had close to $25
l
s We strive to not only provide our customers
e
with the best service but also our employees
c
with the best place to work. This year we
a
were recognized by the Detroit Free Press
among the Top 100 Workplaces in 2013.
p
Companies recognized as Top Workplaces
k
are based solely on surveys completed by
r
o
their employees. The following responses
W
were given by our employees and featured
on the Detroit Free Press website:
0
0
1
p
o
T
“I am a family man and I am able to put my
family first. With that security, it naturally
commits me even more to the organization
and makes me want to reciprocate and work
even harder for them. ”
“The culture is strong. We are a people-
first organization and care deeply about
all employees. We are willing to spend
money and resources on the development of
employees at all levels.”
s
s
e
r
P
e
e
r
F
t
i
o
r
t
e
D
"Top Workplaces are not only
better places to work but are more
likely to be successful than peer
organizations."
-Detroit Free Press
million in deposits and we were already at 2.45% of the
market. The community has been so welcoming; in fact,
we will begin construction to expand the office later this year.
We have also had strong deposit growth in our Freeland
and Big Rapids offices. Within nine months of opening
our doors, the FDIC market share report already shows
we have captured 5.37% of the market in Freeland (June
2013). While the data on the previous page was released
prior to the opening of our second office in Big Rapids, it
certainly shows our growing market share and potential in
the community. We anticipate the second office will only
enhance our market position.
Growth will continue to be a key strategic priority for us. As
competition increases in our market area for quality loans
and deposits, every one of our offices will play an important
role in helping us grow.
OUR PEOPLE: A COMPETITIVE ADVANTAGE
In an industry where new regulations impact operations
on a daily basis, financial institutions that employ the right
people will have a competitive advantage over their peers.
As mentioned above, the right people will be able to help
the Bank grow; however, in today’s environment, they must
also have the skills to interpret new regulatory guidance and
implement change. Those who can effectively communicate
these changes within their own organization and to their
customers will position themselves well for the future.
After experiencing the significant number of regulatory
changes this past year, we are pleased to report we have the
right people. We invested in both internal and external training
programs to provide our employees with a solid foundation
from which to make decisions. We also assembled task forces
to navigate the complex regulatory changes. By gathering a
team with representation from across the Bank, we were able
to address operational and communication challenges at the
same time. As a result of these efforts, our employees were
more informed and able to update customers on how these
regulations would impact them.
KEEPING IT LOCAL
Intuitively, we know what works in one community does
not always work in another. Some businesses employ a
one size fits all strategy into their planning process. We,
on the other hand, understand that even though all of our
offices are within a small geographic area, each community
is very different, and we need to account for that in the
way we are structured.
Our organizational structure complements our mission
to keep it local. We empower all employees to make
decisions locally. The steering committee for our
strategic plan includes our division presidents who
represent our different communities. Our directors
bring unique perspectives and insight from different
business backgrounds and geographic areas. The end
result is a true community bank – dedicated to serving
the needs of our diverse communities.
INNOVATION IS IMPORTANT
Years ago, the vast majority of our
customers walked through our front
door to do their banking. If we, as
bankers, wanted to know who we were
competing against, we looked out those
same front doors. Today, telephone
banking, online banking, ATMs, debit
cards, and mobile banking have changed
the way our customers access their
accounts. And with the internet, our
competition may be located in other
areas of our state and beyond.
"Five years ago,
less than 1% of
our website visits
came from a mobile
phone. Today,
tablet and mobile
phone visits account
for nearly 20% of
our website traffic."
a mobile phone. Today, tablet and mobile phone visits
account for nearly 20% of our website traffic.
These statistics build a compelling story why financial
institutions need to invest in technology to remain
competitive. We continuously monitor these trends to
ensure we are offering the products and services our
customers want and delivering them in the way they
would like to receive them. In 2013,
we introduced a personal financial
management tool, called My Finance,
which put more information at our
customers’ fingertips. This free
service allows customers to track
their spending habits and establish
personal financial goals. In 2014, we
plan to continue our investment in
electronic services.
THANK YOU FOR YOUR SUPPORT
Our success also depends upon
your support. On behalf of our
Board and employees, thank you
for making an investment in your
local community bank.
We hope you enjoy reading through the rest of our
annual report. It provides more information about our
performance and features our financial literacy efforts
in our communities. Please mark your calendars for our
annual shareholder meeting on April 30, 2014 at 5:00 p.m.
at the Comfort Inn and Conference Center in Mt. Pleasant.
We look forward to visiting with you there.
As we monitor the trends for our
electronic services, we are witnessing changes in the way
our customers do their banking. It may be surprising to
learn our annual website visits are up 54% from just five
years ago. This shows more people are using the internet
as their main source of information. They are searching for
new products, applying for loans, and using online banking
to check their account balance. Even the technology
people are using to access online banking is changing. Five
years ago, less than 1% of our website visits came from
Recognizing the Contributions of Our Employees
We would like to take this opportunity to recognize Mr. Jerome Schwind for his promotion to Executive Vice
President and Chief Operations Officer. Jerome joined the Bank in 1999 and has served in various leadership
roles including Chief Integration Officer and President of the Mecosta Division. We look forward to leveraging
his skills and knowledge in lending, deposits, and strategic planning across the entire Bank.
In December, Mr. Mark DeNoyelles (Business Development) was promoted to Vice President and Mrs. Sara
Scholer (Branch Administration) and Mrs. Leslie Thielen (Consumer Loans) were promoted to Assistant Vice
Presidents.
Also congratulations to Mrs. Barb Diehm, Senior Vice President of Branch Administration, on her graduation
from the Graduate School of Banking – Madison, Mr. Josh Eling and Mr. Vern Houin on their graduation from the
Michigan Bankers Association Perry School of Banking, and Mr. Adam House and Mrs. Maria Venegas-Sexton on
their graduation from the Independent Community Bankers Association Internal Audit School. These programs
take many hours outside of work and we appreciate your efforts.
Thank you all for your hard work and dedication to our Bank.
2013 Financial Highlights
& Industry Challenges
Dennis P. Angner,
President & Chief Financial Officer
Safe, Growing & Profitable
● Record net income in 2013 of $12.51 million, a
2.49% increase over 2012
● Total assets under management at year end 2013 of
$2.14 billion, a 4.13% increase over 2012
● Record Earnings Per Share of $1.63
● Cash Dividends of $0.84 per share, a 5.00%
increase over 2012
STRATEGIC GROWTH & PROFITABILITY
One of our strategic priorities is growth, both in deposits
and loans. Ultimately, our ability to grow and manage our
assets and liabilities drives profitability.
We are pleased to report that we grew in 2013, and we
grew despite fierce competition in the market and without
relaxing our underwriting standards. Our total assets
were $1.49 billion and assets under management - which
included loans sold and serviced, and assets managed by
the Investment and Trust Services Department - were $2.14
billion. This was a 4.13% increase over December 31, 2012.
In 2013, our loans grew by $35.28 million. While some
financial institutions sacrifice quality for quantity when
faced with the pressure to grow loans, we continue
to use the same prudent underwriting standards we
did years ago. This is the key to long-term sustainable
loan growth. This strategy has also led to fewer
“nonperforming loans” than our peer group. The table
to the right compares our percentage of total loans
classified as “nonperforming” to the peer group which
consists of 344 banks nationwide with assets between
$1 and $3 billion.
On the deposit side of the balance sheet, we grew by
$26.10 million in 2013. Earlier in the report, we showed
the strong deposit growth in the communities of our
three newest offices. While this has contributed to
our growth, we recognize the impact that deepening
relationships in our existing markets have had on our
deposit growth. Our current customers are often our
biggest fans and their positive remarks play a big role in
our future growth.
Overall, the improvement in loan quality and growth
resulted in net income of $12.51 million in 2013, an
increase of $304,000 compared to net income in 2012.
As mentioned earlier, our improvement in loan quality
has had a direct impact on earnings as the provision for
loan losses declined by $1,189,000, or $785,000 after
federal income taxes.
Non-Performing Loans
)
e
g
a
t
n
e
c
r
e
P
(
3.5
3
2.5
2
1.5
1
0.5
2009 2010 2011 2012 2013
Isabella Bank Corporation
Peer Group
INDUSTRY CHALLENGES
As I discussed in last year’s letter, the Federal Reserve
continues to pursue an extremely accommodative
monetary policy. Low rates have put downward
pressure on the entire banking industry’s net interest
income and compressed margins. As an example of
this phenomenon, our average earning assets grew
by $74.32 million in 2013, which added $77,000 in
net interest income. In “normal times,” an increase of
this magnitude would have produced $2.6 million of
additional interest income. This is substantially more
than the $77,000 we actually earned. Overall, the
headwinds caused by the Federal Reserve’s monetary
policy will put additional pressure on our industry to
find other sources of income and continue to reduce
expenses.
In addition to low interest rates, our industry also faces
challenges from the increased regulatory environment.
While the intent of these new regulations was to protect
consumers from harmful mortgage products and other
unethical foreclosure practices, there have also been
many unintended consequences. Some of these include
restricting the financial institutions flexibility when
working with unique customer circumstances, reducing
the number of new loans and increasing servicing costs
of all mortgage loans. In some cases, these new rules
may also increase foreclosures.
In 2013, many financial institutions spent substantial
time and resources interpreting the new mortgage
guidance from the Consumer Financial Protection
Bureau. The new guidance requires monthly mortgage
statements which will increase our costs to service
loans. Staff spent countless hours preparing the Bank
to meet the regulation’s requirements, and how to
adapt our operations to meet the new requirements.
While we have had a busy year, we anticipate the
impact of future regulations will not be as significant
on our operations.
One of the lessons our industry has learned over the
past five years is that success is built upon making
several strategic decisions, not just one. As our
shareholders and customers, it is important you know
we have a solid strategic plan in place to guide us into
the future. Looking forward to 2014, we are optimistic.
We expect our interest income will improve over both
2012 and 2013 levels.
Industry Performance Trends
We subscribe to reports that track the financial
performance of Isabella Bank Corporation and other bank
holding companies in the United States, which are similar
in size ($1 - $3 billion in assets). Our 2013 peer group
consisted of 344 bank holding companies. The data below
from 2011 - 2013 shows the positive performance trends
for our industry:
2013 2012 2011
Return on Average Assets (ROAA)
Isabella Bank Corporation
Peer Group
0.86%
0.88%
0.88% 0.79%
0.79% 0.57%
This measures net income by the average asset size of the
bank holding company. Despite a challenging economy, the
Corporation’s ROAA has remained relatively stable during the last
three years. An increase of 0.31% in the peer group’s ROAA from
2011 - 2013 shows the industry as a whole is getting stronger.
Problem Loans (Nonperforming)
0.42%
Isabella Bank Corporation
1.46%
Peer Group
1.00% 0.95%
2.23% 2.96%
This measures the percent of loans that are over 90 days
past due and still accruing, or placed in non-accrual because
collection is doubtful. Both the Corporation and the peer group
have seen a decline in their nonperforming loans which is also
a positive trend.
Risk Based Capital to Risk Weighted Assets
Isabella Bank Corporation
Peer Group
14.92% 14.48% 14.17%
15.33% 15.39% 15.37%
This measures the amount of capital held against risk based
assets. The Federal Reserve’s risk based capital rules require
a ratio of 8.00% to be considered adequately capitalized. The
Corporation and the peer group exceed this requirement
which means they are well capitalized and have funds available
to meet their customers’ borrowing needs.
Allowance for Bad Debt to Problem Loans
(Nonperforming)
Isabella Bank Corporation 339.63% 154.39% 173.10%
161.62% 119.80% 100.48%
Peer Group
Allowance for Bad Debt to Problem Loans measures the amount
of reserves needed for probable loan losses on nonperforming
loans. Both the Corporation and the peer group have more in
reserves than in problem loans.
Financial Highlights
Income Statement Data
Total Interest Income
Net Interest Income
Provision for Loans Losses
Net Income
Balance Sheet Data
End of Year Assets
Daily Average Loans
Daily Average Assets
Daily Average Deposits
Daily Average Equity
Per Share Data
Basic Earnings
Diluted Earnings
Cash Dividends
Market Value (at year end)
Tangible Book Value (at year end)
Financial Ratios
Shareholders' Equity to Assets (at 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)
2013
2012
2011
2010
2009
$ 54,076
$ 43,055
$ 1,111
$ 12,510
$ 56,401
$ 42,978
$ 2,300
$ 12,206
$ 57,905
$ 41,702
$ 3,826
$ 10,210
$ 57,217
$ 40,013
$ 4,857
$ 9,045
$ 58,105
$ 38,266
$ 6,093
$ 7,800
$ 1,493,137
$ 1,430,639
$ 1,337,925
$ 1,225,810
$ 1,143,944
$ 790,132
$ 754,304
$ 743,441
$ 725,534
$ 725,299
$ 1,448,440
$ 1,381,083
$ 1,287,195
$ 1,182,930
$ 1,127,634
$ 1,025,088
$ 163,010
$ 984,927
$ 160,682
$ 927,186
$ 151,379
$ 840,392
$ 145,304
$ 786,714
$ 137,910
$ 1.63
$ 1.59
$ 0.84
$ 23.85
$ 15.62
10.76%
7.67%
10.71%
51.61%
0.86%
$ 1.61
$ 1.56
$ 0.80
$ 21.75
$ 14.72
11.50%
7.60%
11.41%
49.76%
0.88%
$ 1.35
$ 1.31
$ 0.76
$ 23.70
$ 13.90
11.57%
6.74%
10.30%
56.51%
0.79%
$ 1.20
$ 1.17
$ 0.72
$ 17.30
$ 13.22
11.84%
6.22%
9.51%
59.93%
0.76%
$ 1.04
$ 1.01
$ 0.70
$ 18.95
$ 12.67
12.31%
5.66%
8.53%
67.38%
0.69%
)
s
n
o
i
l
l
i
M
-
s
r
a
l
l
o
D
(
1,600
1,400
1,200
1,000
800
600
400
15,000
13,000
11,000
9,000
7,000
5,000
3,000
)
s
d
n
a
s
u
o
h
T
-
s
r
a
l
l
o
D
(
Total Assets
Dividends Per Share
)
s
r
a
l
l
o
D
(
0.9
0.8
0.7
0.6
0.5
0.4
0.3
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Net Income
Ending Stock Price
)
s
r
a
l
l
o
D
(
40
35
30
25
20
15
10
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Y
C
A
R
E
T
I
L
L
A
I
C
N
A
N
I
F
S
L
O
O
T
We
believe
in giving our
communities
the tools they
need to make solid
financial decisions.
In 2013, our financial
literacy efforts left
more than 11,000
positive impressions
throughout our
communities.
Free Tools
Available on Our Website
Financial Calculators
Goal Planning Guides
Classroom Lessons
Budget Templates
Scam Alerts
In 2013, our online financial literacy
resources received more than
8,000 visits.
Budget Game Prepares Students for the Future
What better way to teach students about budgeting than through
a game. While our budget game can be customized for any age
group, the high school version lets students make decisions
about housing, transportation, and food. Then they see how
these decisions affect their budget. The game, just like in real life,
includes unexpected expenses such as car repairs and medical
bills. In 2013, our employees taught financial literacy lessons to
more than 1,800 students throughout our communities.
-Pictured right: Jeff Smith, Vice President, Commercial Loans
Financial Literacy Award
In 2013, we were recognized for our financial literacy
efforts by the Michigan Bankers Association at their
Annual BEST Conference.
New iPad App
New Online
Banking Budget Tool
This past year, we upgraded our online
banking service to include a free tool
called My Finance. This gives our online
banking customers the ability to track their
spending by category, establish goals, and
create a budget. We currently have
more than 800 users and look
forward to introducing
this service to more
customers in 2014.
Introduced in 2013, the Isabella Kids App was
designed to get students excited about saving.
This free app lets youngsters select their own
piggy bank, set savings goals, and play
fun games to help develop
money counting skills.
(available in the app store)
In 2013, we provided more than 1,200 financial literacy books to area schools.
Teachers use these books to educate students on how to balance a checking
account, the importance of saving for the future, and how to build good credit.
Tools to Help Teachers
Speaking at the State Capitol
We were honored to be invited to testify in front of
the Michigan Senate Banking and Financial Institutions
Committee on the
literacy
education in our schools.
importance of financial
-Pictured left: Mary Olivieri, Community Relations Director
Image courtesy of Michigan Bankers Association
Board of Directors & Senior Officers
ISABELLA BANK CORPORATION AND
ISABELLA BANK BOARD OF DIRECTORS
DAVID J. MANESS - Chairman
President,
Maness Petroleum Corporation
JAE A. EVANS
Chief Executive Officer,
Isabella Bank Corporation
DENNIS P. ANGNER
President and Chief Financial Officer,
Isabella Bank Corporation
DR. JEFFREY J. BARNES
Physician and Shareholder,
Lansing Ophthalmology, PC
RICHARD J. BARZ
Chief Executive Officer (retired),
Isabella Bank Corporation
G. CHARLES HUBSCHER
President,
Hubscher and Son, Inc.
JOSEPH LAFRAMBOISE
Sales and Marketing Executive (retired),
Ford Motor Company
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 (retired),
The Dow Chemical Company
SARAH R. OPPERMAN
Principal,
Opperman Consulting LLC
David J. Maness
Jae A. Evans
Dennis P. Angner
Dr. Jeffrey J. Barnes
Richard J. Barz
G. Charles Hubscher
Joseph LaFramboise
Thomas L. Kleinhardt
W. Joseph Manifold, CPA
W. Michael McGuire
Sarah R. Opperman
Isabella Bank Corporation Officers
JAE A. EVANS
Chief Executive Officer
DENNIS P. ANGNER
President and Chief Financial Officer
BARBARA A. PLACE, CPA
Senior Vice President
PEGGY L. WHEELER
Senior Vice President
DEBRA A. CAMPBELL
Vice President
CYNTHIA J. DIEHM
Vice President
GREGORY S. MAPES
Vice President
PATRICIA A. PLAXTON
Vice President
AARON D. WIRSING
Vice President
Isabella Bank Officers
STEVEN D. PUNG
President
JEROME E. SCHWIND
Executive Vice President,
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
MARK K. DENOYELLES
Vice President
RANDY J. DICKINSON, CPA
Vice President
MICHAEL K. HUENEMANN
Vice President
ROBERT K. MADSEN
Vice President
GREGORY S. MATTHEWS
Vice President
ERIKA M. ROSS
Vice President
PAUL C. SIERS
Vice President
CARRIE S. SMITH
Vice President
JEFFREY W. SMITH
Vice President
AMY C. VOGEL
Vice President
PEGGY L. WHEELER
Vice President
LEO R. WICKERT
Vice President
Breckenridge Division Board of Directors
GREGORY V. VARNER - Chairman
DENNIS P. ANGNER
DAVID J. KING
TIMOTHY M. MILLER
STEVEN D. PUNG
JEFFREY E. SHERWOOD
KIRK L. SMITH
BRENT C. WILSON
Breckenridge Division Officers
TIMOTHY M. MILLER
President
BRIAN K. GOWARD
Vice President
BARBARA K. MCKENZIE
Vice President
Greenville Division Board of Directors
JAMES M. MULLENDORE, Jr. - Chairman
DENNIS P. ANGNER
KIRKWOOD E. FABER, DDS
DEBRA JORGENSEN-HUCH
ALEXANDER R. KEMP
GREGORY D. MILLARD
STEVEN D. PUNG
RICHARD K. RUSSO
BRIAN R. SACKETT
Greenville Division Officers
RICHARD K. RUSSO
President
KATHY J. KORSON
Vice President
DAVID W. SEPPALA
Vice President
Mecosta Division Board of Directors
DR. RALPH P. CREW
KEVIN J. DEFEVER
LAWRENCE E. EMIG
KEITH E. KENNEY
JOSEPH LAFRAMBOISE
STEVEN D. PUNG
Mecosta Division Officers
KEITH E. KENNEY
President
Farwell Division Board of Directors
HERBERT R. MILLER - Chairman
Financial Group Information Services
Board of Directors
THOMAS L. KLEINHARDT - Chairman
THOMAS E. KEDROWSKI
THOMAS L. KLEINHARDT
W. MICHAEL MCGUIRE
STEVEN D. PUNG
LARRY R. SCHOFIELD
THOMAS J. WALLACE
Farwell Division Officers
THOMAS J. WALLACE
President
MELODY M. DARNELL
Vice President
DENNIS P. ANGNER
JAE A. EVANS
JOSEPH LAFRAMBOISE
W. MICHAEL MCGUIRE
DAVID J. MANESS
TIMOTHY M. MILLER
STEVEN D. PUNG
Financial Group Information Services
Officers
JULIE A. HUBER
Vice President
Board of Directors and Senior Officers as of March 2014
Retirements
Our annual report would not be complete without paying tribute to Rick Barz. After 41 years of
service, Rick retired from his position as the Corporation’s CEO in December 2013. However, he will
not be straying too far from his community bank roots – he continues to serve as a Director on both
the Isabella Bank and Isabella Bank Corporation Boards.
“Rick’s leadership and vision for community banking will leave a lasting
impression on our organization. We cannot find enough words to properly
express our gratitude for his dedication to our Bank, our industry,
and most importantly, our customers and communities.”
Rick Barz
-Chair David Maness, Isabella Bank Corporation
The Bank and Corporation have experienced substantial growth and celebrated many milestones during the last 41 years.
When Rick was hired in 1972, the Bank had three offices and $37 million in assets. Today, the Bank has 27 offices and the
Corporation has $2.14 billion in assets under management. Like the leadership that went before him, Rick led his team
to growth by emphasizing the importance of always doing the right thing and taking care of our local communities. These
principles continue to serve as the foundation on which we have built our Bank and one of the keys to our success.
This past year, we were very proud when Rick was recognized as the 2013 Banker of the Year by the Michigan Bankers
Association. It was a perfect culmination to a career of dedication and support to our Bank, industry and local communities.
On behalf of our employees, customers, shareholders, and communities, thank you Rick for your commitment and service
to the Bank.
Mrs. Caul served as a Director of Isabella Bank
from 1994 - 2013 and the Corporation from
2005 - 2013. Most recently, she served on the
Finance and Planning and the Compensation
and Human Resource Committees.
As a
member of the health care industry, a retired
state representative, and active community
incredible
volunteer, her experiences gave
insight to our Boards. On behalf of the Isabella
Bank Corporation and Isabella Bank Boards, we
would like to express our sincere appreciation
for her dedication and service to our Bank.
EMPLOYEE RETIREMENTS
DAVID GILLESPIE - 37 years
Vice President, Commercial Loans
Mt. Pleasant
JONATHAN WAINWRIGHT- 9 years
President, FGIS
EILEEN WEBER- 11 years
Receptionist
Breckenridge
Sandra Caul
In Sympathy
We are extremely saddened by the passing of our Director, Will Lauer. Will joined our Corporate
Board in July 2013 while continuing his 16-year service on the Isabella Bank Breckenridge Division
Board. Will brought a unique perspective to our Board as a long-time farmer from the southern
part of our market area. Will was an engaged director, actively listening, questioning, and offering
comments. His commitment to the Bank, our shareholders and his community was obvious. He
will be missed.
Wilson Lauer
Stock Information
Isabella Bank Corporation common stock is traded in the
over the counter market. The common stock is quoted on
the OTCQB tier of the OTC Markets Group, Inc.’s electronic
quotation system (www.otcmarkets.com) under the symbol
“ISBA”. Other trades in the common stock occur in privately
negotiated transactions from time to time of which the
Corporation may have little or no information. 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 Shareholder Services.
Shareholder Services
For Information, Contact Debra Campbell
(989) 779-6237 │ 401 N. Main St., Mt. Pleasant, MI 48558
or isabellabank.com Investors
Stock Price Information
Email Alerts on Closing Stock Price
Direct Stock Purchase Plan
Dividend Reinvestment
Current News
Investing in
Our Future
Our employees and directors
have a vested interest in the
success of our organization.
As of December 31, 2013, our
employees, directors and their
families owned approximately
11% of our outstanding shares.
Isabella Bank Corporation
401 N. Main St., Mt. Pleasant, MI 48558