Treasury to auction TARP preferreds from six financial institutions

By Stephanie N. Rotondo

Phoenix, June 6 - The Department of the Treasury has scheduled a modified Dutch auction of preferred stock and subordinated debt securities from six financial institutions, according to a press release published Thursday.

The auction will begin June 10 and close at 6 p.m. ET on June 13.

Participating institutions include Farmers & Merchants Financial Corp. of Argonia, Kan.; First Western Financial Inc. of Denver.; Intervest Bancshares Corp. of New York; Pathway Bancorp of Cairo, Neb.; Security State Bank Holding Co. of Fargo, N.D.; and Worthington Financial Holdings Inc. of Huntsville, Ala.

All proceeds will go to the Treasury, as the securities being sold were issued to the agency as part of the Troubled Asset Relief Program.

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