ISABELLA BANK Corp Files 8-K Report

TL;DR

ISABELLA BANK Corp filed an 8-K on Oct 9, 2024. Check for details.

AI Summary

On October 9, 2024, ISABELLA BANK Corp filed an 8-K report. The filing indicates a change in the company's reporting status or a significant event, but the specific details of the event are not elaborated upon in the provided text. The company is incorporated in Michigan and its principal executive offices are located at 401 North Main Street, Mt. Pleasant, Michigan.

Why It Matters

This filing signals a material event or change for ISABELLA BANK Corp, requiring disclosure to investors and the public. Investors should review the full filing for details.

Risk Assessment

Risk Level: low — The filing itself is a routine disclosure and does not inherently present a risk, but the underlying event it reports could have implications.

Key Numbers

• 000-18415 — SEC File Number (Identifies the company's filing with the SEC.)
• 38-2830092 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• ISABELLA BANK Corp (company) — Registrant
• Michigan (location) — State of incorporation
• 401 North Main Street (location) — Principal executive offices address
• Mt. Pleasant (location) — City of principal executive offices
• 48858-1649 (location) — Zip code of principal executive offices
• October 9, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $1.6 million — that has exposed the Bank to a loss of $1.6 million. The financial impact could be lower an
• $4.0 m — d parties. The Bank's total exposure is $4.0 million, which is secured by commercial r

Filing Documents

• isba-20241009.htm (8-K) — 32KB
• 0000842517-24-000183.txt ( ) — 142KB
• isba-20241009.xsd (EX-101.SCH) — 2KB
• isba-20241009_lab.xml (EX-101.LAB) — 19KB
• isba-20241009_pre.xml (EX-101.PRE) — 11KB
• isba-20241009_htm.xml (XML) — 2KB

01 Other Events

Item 8.01 Other Events. Isabella Bank Corporation (the "Corporation") and Isabella Bank (the "Bank"), a wholly owned subsidiary of the Corporation, have become aware of deposit accounts with negative balances from a single customer that has exposed the Bank to a loss of $1.6 million. The financial impact could be lower and will depend, in part, on the Bank's success in its efforts to recover the funds. The Bank also may incur a credit loss arising from loan agreements and lines of credit with the customer and related parties. The Bank's total exposure is $4.0 million, which is secured by commercial real estate, residential real estate and other assets. The Bank is continuing to evaluate for any potential credit loss. The Bank plans to pursue all available sources of recovery and other means of mitigating the potential losses. The information contained in this Form 8-K provided under Item 8.01 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of the Corporation under the Securities Act of 1933, as amended (the "Securities Act") or the Exchange Act, unless expressly incorporated by specific reference in such filing.

Forward-Looking Statements

Forward-Looking Statements Information in this Form 8-K contains certain forward-looking statements within the meaning of Section 21E of the Exchange Act, and Section 27A of the Securities Act. Forward-looking statements generally relate to losses, impact of events, financial condition, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting the Corporation and its future business and operations. Forward-looking statements are typically identified by words or phrases such as "will likely result", "expect", "plan", "believe", "estimate", "anticipate", "strategy", "trend", "forecast", "outlook", "project", "intend", "assume", "outcome", "continue", "remain", "potential", "opportunity", "comfortable", "current", "position", "maintain", "sustain", "seek", "achieve" and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, the Bank's ability to recover part or all of the losses described above, the impact of the losses on the Corporation's results of operations and financial condition, the results of the investigation, the impact of any weaknesses in controls and procedures, and a variety of uncertainties or other factors described in Corporation's Annual Report on Form 10-K for the yea

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ISABELLA BANK CORPORATION Dated: October 9, 2024 By: /s/ Jerome E. Schwind Jerome E. Schwind, President & CEO

View Full Filing

View this 8-K filing on SEC EDGAR