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Monarch Community Bank moves to retire TARP obligations

COLDWATER, MI (WTVB) - Monarch Community Bank in Coldwater this week announced a corporate restructuring and the raising of investor funds aimed at retiring U.S. Treasury Department TARP obligations. Monarch said the fund total that’s been raised is $16.5 million. It will be used to purchase approximately eight-and-a-quarter million shares of Monarch’s newly issued common stock at $2.00 per share. The funds will remain in escrow pending the completion of the company's retirement of TARP obligations and the closing of the transaction, which is expected by mid-November. Richard DeVries, President and CEO of Monarch said they’re very gratified at the response of the investment community. He said funds will be used to recapitalize Monarch Community Bank for the $8.2 million TARP retirement for about $4.4 million dollars and to support the ongoing growth of the bank.