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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