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Independent Bank (IBCP) in Ionia, Mich., has raised $89 million as part of a plan to exit the Troubled Asset Relief Program.
August 28 -
Independent Bank in Ionia, Mich., is back on track with payments on its trust preferred stock.
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,
Independent expects the redemption to save it $4.6 million annually. Last week it said it had
"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."
