Community banking

Independent in Michigan Pays $81 Million, Exits Tarp

By Chris Cumming September 03, 2013, 9:37 a.m. EDT 1 Min Read

Community banking

Independent in Michigan Raises $89M to Exit Tarp

Independent Bank (IBCP) in Ionia, Mich., has raised $89 million as part of a plan to exit the Troubled Asset Relief Program.

By Chris Cumming

August 28
Community banking

Independent in Mich. Resumes Interest Payments on Trust Preferreds

Independent Bank in Ionia, Mich., is back on track with payments on its trust preferred stock.

By Paul Davis

August 30

Independent Bank (ICBP) in Ionia, Mich., has exited the Troubled Asset Relief Program.

The $2.1 billion-asset company said Tuesday that it paid $81 million to redeem its Tarp shares and pay accrued dividends. Independent, which received $72 million from Tarp, raised $89 million last month through a common stock offering.

Independent expects the redemption to save it $4.6 million annually. Last week it said it had resumed paying interest on its trust-preferred stock.

"Our exit from Tarp represents the culmination of a very challenging and eventually rewarding period in the history of our organization," Brad Kessel, the company's president and chief executive, said in a press release. "This is the epitome of a total team effort, reflective of the dedication and commitment of our employees and the support of our shareholders and customers as well as the communities we serve."

For reprint and licensing requests for this article, click here.

Community banking

Law and regulation

MORE FROM AMERICAN BANKER

Politics and policy

'We lean optimistic': Bankers hope election outcome will boost loan growth

Leaders at financial institutions said borrower demand should pick back up, if slowly, following Tuesday's vote.

By Catherine Leffert

November 4
Payments

How one industry group is challenging the CFPB's BNPL rule

The Consumer Financial Protection Bureau will soon have to defend its interpretive buy now/pay later rule in court following an industry advocacy group lawsuit. Here's what's at stake.

By Joey Pizzolato

November 4
Election 2024

Election could mean new leaders for key Congressional committees

Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.

By Caitlin Devitt

November 4
Customer experience

'Like qualitative research without having to pay': A bank's guide to Reddit

Few banks are listening to what their customers are saying on Reddit, but the site can help them spot customer complaints and develop content that dispels misinformation.

By Miriam Cross

November 4
Federal Reserve

Senate Democrats call for another half-point Fed rate cut

Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.

By Kyle Campbell

November 4
Community banking

Community banks hire, promote top executives in October

Multiple lenders filled leadership roles across the country, including National Bankshares in Virginia, while Peoples Financial in Pennsylvania said its CEO would step down.

By Jim Dobbs

November 4