Treasury Restructures Stock Holdings Of Independent Bank Corp
06 Avril 2010 - 11:01PM
Dow Jones News
The U.S. Treasury Department, in a transaction report, said it
exchanged its $72 million holdings of Independent Bank Corp. (IBCP)
preferred stock for "mandatory convertible preferred stock."
This strategy provides "a bridge to private capital," which is a
primary goal in this phase of the Troubled Asset Relief Program,
according to the Treasury Department.
The Treasury said it will evaluate such exchanges on a
case-by-case basis. The agency has restructured investments in the
past with Midwest Banc Holdings Inc. (MBHI), Citigroup Inc. (C),
Popular Bank, and Superior Bank, which is a subsidiary of Superior
Bancorp (SUPR).
-By Darrell A. Hughes, Dow Jones Newswires; 202-862-9255;
darrell.hughes@dowjones.com
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