Independent Bank, Grand Rapids, Mich., was recognized in May for having three or more women on its corporate board of directors.
The $4.4 billion bank was commended as a “3+” company by 50/50 Women on Boards, a global education and advocacy organization promoting gender balance and diversity on corporate boards.
“Working toward gender balance and diversity is a primary goal of Independent Bank,” said Brad Kessel, president and CEO.
Joan Budden, Christina Keller and Ronia Kruse were the three women directors, representing 27.3 percent of the bank’s board. Independent Bank’s board composition intentionally aligns with the research demonstrating that when three or more women serve on a board, profitability, productivity and workplace engagement increase, according to a statement by the bank.
“Investors, legislative mandates, and enlightened leaders continue to make institutional decisions that reinforce the business advantages of gender balance,” said Betsy Berkhemer-Credaire, CEO of 50/50 Women on Boards. “We are pleased to recognize Independent Bank for prioritizing this business imperative that benefits stakeholders and shareholders.”