New Issue: Treasury sells $27.34 million Patriot Bancshares TARP preferreds

By Stephanie N. Rotondo

Phoenix, April 4 - The Department of the Treasury sold $27.34 million of series B and C cumulative perpetual preferred stock issued by Patriot Bancshares Inc., according to a press release out Friday.

The shares, which were issued to the agency under the Troubled Asset Relief Program, were sold via a modified Dutch auction.

A total of $26.04 million of the series B preferreds priced at $1,142.03 per share. Another $1.3 million of series C preferreds sold at $1,304.61 each.

The total proceeds, all of which go to the Treasury, were $31.43 million.

Patriot Bancshares is based in Houston.

Issuer:	Patriot Bancshares Inc.
Issue:	Cumulative preferred stock
Amount:	$27.34 million
Proceeds:	$31,434,779.36
Auction date:	April 3
Settlement date:	April 14
Series B preferreds
Amount:	$26,038,000, or 26,038 shares
Proceeds:	$29,736,177.14
Maturity:	Perpetual
Price:	$1,142.03
Par amount:	$1,000
Series C preferreds
Amount:	$1,302,000, or 1,302 shares
Proceeds:	$1,698,602.22
Maturity:	Perpetual
Price:	$1,304.61
Par amount:	$1,000

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