on the TARP preferred stock totaled USD4.
FirstMerit will repay Citizensa[euro](tm) USD345m worth of TARP preferred stock, including USD45m of estimated deferred dividends
, which is held by the US Treasury.
Like insurance companies in other developing countries--including the United States in the 19th century and Japan in the mid-20th century--Chinese insurers have found that deferred dividends
appeal to the insurance-resistant.
It didn't do much for employees when they found their final salary pension scheme shunted on to the new Pension Protection Fund (which has not said whether it will to pick up the tab) and that the deferred dividends
on their shares would not be paid.
Payments on the deferred dividends
on the TARP preferred stock totalled USD4.
Global Banking News-March 17, 2014--First Banks declares deferred interest and deferred dividends
According to the firm, the accumulated deferred dividends
, plus accrued dividends thereon, are payable on March 31, 2014 to shareholders of record as of the business day immediately preceding the distribution date.
Sun Europe managing director Philip Dougal defended the decision to put the old LDV into temporary administration resulting in unsecured creditors not being paid, the firm's closed final salary scheme being put in the hands of the Pension Protection Fund and employee shareholders losing deferred dividends
The preferred shares accrue value through deferred dividends
at an annual rate of 12% for two years, upon which, it may be converted into 7.