Independent Bank Corporation

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

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.

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
This amount reflects the sum of dividends paid up to 5/31/2009
12/12/2008 Purchase $72,000,000 CPP
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.
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