Treasury to auction preferreds, subordinated debt from 12 TARP banks

By Stephanie N. Rotondo

Phoenix, July 10 - The Department of the Treasury is set to auction off preferred stock and subordinated debt of 12 banks that participated in the Troubled Asset Relief Program, the agency said in a press release.

The participating banks are

• First Western Financial Inc. of Denver;

• CBS Banc-Corp. of Russellville, Ala.;

• Exchange Bank of Santa Rosa, Calif.;

• Market Street Bancshares Inc. of Mount Vernon, Ill.;

• Fidelity Financial Corp. of Wichita, Kan.;

• Marquette National Corp. of Chicago;

• Premier Financial Bancorp Inc. of Huntington, W.V.;

• Diamond Bancorp Inc. of Washington, Mo.;

• Park Bancorporation of Madison, Wis.;

• Trinity Capital Corp. of Los Alamos, N.M.;

• First Community Financial of Joliet, Ill.; and

• Commonwealth Bancshares Inc. of Louisville, Ky.

The securities will be sold using a modified Dutch auction methodology.

The auction will begin July 23.

To date, the Treasury has recovered $264 billion from repayments, dividends, interest and other income. The agency originally invested $245 billion in banks that participated in the Capital Purchase Program under the TARP.

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