By Stephanie N. Rotondo
Phoenix, Jan. 30 - The U.S. Department of the Treasury priced at auction $9.45 million of Delmar Bancorp's $1,000-par series A and B fixed-rate cumulative preferred stock issued under the Troubled Asset Relief Program.
The modified Dutch auction began Monday and ended Tuesday.
A total of 9,000 shares of the series A preferreds were price at $612.11 per share. Another 450 shares of the series B preferreds were priced at $700.21 per share.
Total proceeds came to $5.82 million.
The Treasury will receive all proceeds.
Delmar Bancorp is a Salisbury, Md.-based financial institution.
| Issuer: | Delmar Bancorp
|
| Total amount: | $9.45 million
|
| Proceeds: | $5,824,085
|
| Pricing date: | Jan. 29
|
| Settlement dates: | Feb. 7-8
|
|
|
| Series A fixed-rate cumulative preferred stock
|
| Amount: | $9 million, or 9,000 shares
|
| Securities: | Series A cumulative preferred stock
|
| Maturity: | Perpetual
|
| Price: | $612.11 per share
|
| Par: | $1,000
|
|
|
| Series B fixed-rate cumulative preferred stock
|
| Amount: | $450,000, or 450 shares
|
| Securities: | Series B cumulative preferred stock
|
| Maturity: | Perpetual
|
| Price: | $700.21 per share
|
| Par: | $1,000
|
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