By Stephanie N. Rotondo
Phoenix, Oct. 24 - The U.S. Department of the Treasury priced $4.09 million of series A and B fixed rate cumulative perpetual preferreds issued by Peoples Bancshares of TN Inc., the agency said in a press release on Wednesday.
The modified Dutch auction began early Monday and was completed late Tuesday.
The Treasury sold 3,900 shares of the series A preferreds at $755 per share for proceeds of $2.94 million. Another 195 shares of the series B preferreds were priced, also at $755 per share, for proceeds of $147,225.
Total proceeds raised at auction were $3.09 million.
The Madisonville, Tenn.-based financial institution issued both series of the preferreds to the Treasury under the Troubled Asset Relief Program. The bank did not receive any proceeds from the sale.
Settlement is expected by Oct. 31.
| Issuer: | Peoples Bancshares of TN Inc.
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|
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| Series A
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| Securities: | Series A fixed rate cumulative preferreds
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| Amount: | $3.9 million
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| Maturity: | Perpetual
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| Price: | $755 per share
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| Liquidation preference: | $1,000 per share
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| Settlement date: | Oct. 31
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| Series B
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| Securities: | Series B fixed rate cumulative preferreds
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| Amount: | $195,000
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| Maturity: | Perpetual
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| Price: | $755 per share
|
| Liquidation preference: | $1,000 per share
|
| Settlement date: | Oct. 31
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