New Issue: Treasury sells $464,000 Farmers & Merchants series A and B TARP preferred stock

By Stephanie N. Rotondo

Phoenix, June 14 - The U.S. Department of the Treasury priced at auction $464,000 of series A and B fixed-rate cumulative perpetual preferred stock issued by Farmers & Merchants Financial Corp., according to a press release.

The modified Dutch auction began Monday and ended Thursday. The $1,000-par preferreds were issued to the agency under the Troubled Asset Relief Program.

A total of $442,000 of the series A preferreds were sold at $962.50 apiece, and the series Bs were sold at $1,007.50 each. Total proceeds to the Treasury equaled $447,590.

Farmers & Merchants is a bank holding company based in Argonia, Kan.

Issuer:	Farmers & Merchants Financial Corp.
Pricing date:	June 13
Settlement date:	June 24
Series A fixed-rate cumulative preferred stock
Amount:	$442,000, or 442 shares
Maturity:	Perpetual
Price:	$962.50
Par:	$1,000
Series B fixed-rate cumulative preferred stock
Amount:	$22,000, or 22 shares
Maturity:	Perpetual
Price:	$1,007.50
Par:	$1,000

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