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Independent Bank Corporation

Ionia, Mich. | See all recipients in Michigan
$72M Disbursed
$72M Returned
$9M Revenue to Gov't
$9M Profit
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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

  • $6.57M Revenue

    Aug. 30, 2013 Dividend - Cumulative

  • $72M Payback

    Aug. 30, 2013 Repayment

  • $900K Revenue

    Aug. 17, 2009 Dividends Paid in Aug. 2009

  • $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

  • $72M Bailout

    Dec. 12, 2008

    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.

Date Type Amount Program Description
08/30/2013 Refund $72,000,000 CPP Repayment
08/30/2013 Dividend $6,574,000 CPP Dividend - Cumulative
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 $72,000,000 CPP

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