Key Developments For Independent Bank Corp (Michigan)
Independent Bank Corp (Michigan) (IBCP.O) (Nasdaq)
Independent Bank Corp. Announces Cash Dividend
Independent Bank Corporation announced a quarterly cash dividend of $0.01 per share on the Company's common stock. The dividend will be payable on October 30, 2009 to all shareholders of record as of October 5, 2009.
Independent Bank Corp. Announces Cash Dividend On Common Stock
Independent Bank Corp. announced a quarterly cash dividend of $0.01 per share on the Company's common stock. The dividend will be payable on July 31, 2009 to all shareholders of record as of July 6, 2009.
Independent Bank Corp. Announces Cash Dividend On Common Stock
Independent Bank Corp. announced a quarterly cash dividend of $0.01 per share on the Company's common stock. The dividend will be payable on Apr. 30, 2009 to all shareholders of record as of Apr. 6, 2009.
Independent Bank Corp. Announces Cash Dividend on Common Stock
Independent Bank Corp. announced that its Board of Directors approved a quarterly cash dividend of $0.01 per share on the Company's common stock. The dividend will be payable on Jan. 30, 2009 to all shareholders of record as of Jan. 5, 2009.
Independent Bank Corp. Closes on the Sale of Preferred Stock and Warrants to U.S. Treasury Under the Capital Purchase Program
Independent Bank Corp. announced that it entered into and closed a Letter Agreement (including the Securities Purchase Agreement-Standard Terms) with the United States Department of the Treasury pursuant to which Treasury invested $72,000,000 in the Company under the TARP Capital Purchase Program. Under the purchase agreement, Treasury received: 72,000 shares of the Company's Series A Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share, and; a warrant to purchase 3,461,538 shares of the Company's common stock at an exercise price of $3.12 per share. The exercise price of the warrant was determined based upon the average of closing prices of the Company's common stock during the 20-trading day period ended November 20, 2008, the last trading day prior to the date the Treasury approved the Company for participation in the Program. The preferred shares qualify as Tier 1 regulatory capital and pay cumulative dividends quarterly at a rate of 5% per annum for the first five years, and 9% per annum thereafter. The preferred shares may be redeemed by the Company at par after February 15, 2012. Prior to this date, the preferred shares may only be redeemed by the Company at par in an amount up to the cash proceeds (minimum $18,000,000) from qualifying equity offerings of any Tier 1 perpetual preferred or common stock.
