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.
|