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Independent Bank Corporation exits TARP

IONIA (WKZO) -- Michigan-based Independent Bank is now out of the federal government's hands.

The bank exited the Troubled Asset Relief Program, or TARP, on Tuesday.  The U.S. Treasury Department was paid 81-million dollars by the bank in August to get out.

Independent Bank received a 71-million dollar investment from the federal government in December 2008 to enter TARP as the Bush administration bailed out banks nationwide to prevent a financial collapse.

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