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Wednesday, April 7, 2010 as of 11:14 AM ET

Independent Bank

Independent Bank () of Ionia, Michigan was founded in 1864 as First National Bank of Ionia with an original capital of US$50,000. Through the years, the bank opened and acquired new offices across the state of Michigan.

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Exclusive: Lehman shelves asset management plan

By Caroline HumerNEW YORK (Reuters) - Lehman Brothers Holdings Inc will not turn its asset management unit into a long-term business after creditors of the bankrupt investment bank objected.

LAMCO, or the Legacy Asset Management Co, instead will continue on its path to liquidate Lehman assets over the next few years to pay back creditors, and no longer will look for a partner to manage the business, Chief Executive Bryan Marsal said."Under the current governance, as long as it is in bankruptcy, a LAMCO partnership will not be pursued," said Marsal, who is overseeing the world's biggest bankruptcy.Marsal presented the possibility of a partnership between LAMCO and another firm at a creditor's meeting earlier this year, saying the arrangement would strengthen the asset-management business by letting it retain employees.Outside investment would help defray the costs of starting up LAMCO and let it take advantage of its employees' expertise in managing asset liquidation by taking on non-Leh...

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