Independent Bank Corporation
| $74.4M Disbursed |
| $0 Returned |
| $2.43M Revenue to Gov't |
| $72M Net Outstanding |
| $74.4M Committed |
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On 4/16/2010, Treasury exchanged its $72,000,000 of Preferred Stock in Independent Bank Corporation (Independent) for $74,426,000 of Mandatory Convertible Preferred Stock (MCP), which is equivalent to the initial investment amount of $72,000,000, plus $2,426,000 of capitalized previously accrued and unpaid dividends. Subject to the fulfillment by
Independent of the conditions related to its capital plan, the MCP may be converted to common stock.
Events
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$900K Revenue
Aug. 17, 2009 Dividends Paid in Aug. 2009
Part of Capital Purchase Program -
$1.53M Revenue
May 31, 2009 Dividends Paid Through 5/31/2009
This amount reflects the sum of dividends paid up to 5/31/2009
Part of Capital Purchase Program -
$74.4M Bailout
Dec. 12, 2008 Purchase - Preferred Stock w/ Warrants
On 4/16/2010, Treasury exchanged its $72,000,000 of referred Stock in Independent Bank Corporation (Independent) for $74,426,000 of Mandatory Convertible Preferred Stock (MCP), which is equivalent to the initial investment amount of $72,000,000, plus $2,426,000 of capitalized previously accrued and unpaid dividends. Subject to the fulfillment by Independent of the conditions related to its capital plan, the MCP may be converted to common stock.
Part of Capital Purchase ProgramMore info from www.financialstability.gov
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 08/17/2009 | Dividend | $900,000 | CPP | Dividends Paid in Aug. 2009 |
| 05/31/2009 | Dividend | $1,530,000 | CPP | Dividends Paid Through 5/31/2009 |
| 12/12/2008 | Purchase | $74,426,000 | CPP | Purchase - Preferred Stock w/ Warrants |
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