on the TARP preferred stock totaled USD4.2 million.
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.
Moreover, the primary objective of this anti-life-tontine statute was to prevent life insurance companies from using the deferred dividends
to accumulate large surpluses over long periods, tempting insurers to engage in financial manipulation, a concern that would not apply to a health insurance tontine.
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 USD4.2m and were made in May 2015.
Global Banking News-March 17, 2014--First Banks declares deferred interest and deferred dividends
On March 31, 2014, First Preferred Capital Trust IV will pay all accumulated deferred dividends
, plus accrued dividends thereon, on its 8.15% Cumulative Trust Preferred Securities pursuant to the Amended and Resaid Trust Agreement, dated April 1, 2003.
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 7.8% of the outstanding common shares of ICPUSA, or may be redeemed at the option of Cartesian.
First Preferred Capital will pay all accumulated deferred dividends
and accrued dividends thereon of USD21,482,973.76, or USD11.68 per share on its 8.15% cumulative trust preferred securities as per the Amended and Restated Trust Agreement of 1 April 2003.
Specifically, the company has requested regulatory approval to pay the current dividend due on February 15, 2013, deferred dividends
which were due February 15, 2011 and May 15, 2011, and all accrued interest through February 15, 2013 on all of the deferred dividends
on the series B preferred securities and on the debentures amounted to USD7.4m (EUR5.8m) at the end of March 2012.