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Where is the Money?

Eye on the Bailout

Companies » Bank (Public)

Independent Bank Corporation

$74,426,000
Committed
0.4%
of Bank bailout commitment
0.1% >
of total bailout commitment.
Disbursed $74,426,000
Returned $0
Revenue to Gov't $2,430,000
Net Outstanding $71,996,000

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Map: Corporate headquarters of Independent Bank Corporation.
Ionia, Mich.
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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

  • $900K Revenue

    Aug. 17, 2009 Dividends Paid in Aug. 2009

    Part of Capital Purchase Program
  • $2M 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
  • $74M 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 Program
    More 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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