New Issue: Treasury sells $3.59 million of First Alliance's series A and B TARP preferreds

By Stephanie N. Rotondo

Phoenix, Dec. 13 - The U.S. Department of the Treasury priced at auction $3.59 million of series A and B fixed-rate cumulative perpetual preferred stock issued by First Alliance Bancshares Inc. under the Troubled Asset Relief Program.

The modified Dutch auction began Tuesday and ended late Wednesday.

The Treasury sold 3,422 shares of the series A preferreds at $700.10 each. Another 171 shares of the series Bs were priced at $700.01 per share.

Total proceeds came to $2.52 million.

The Cordova, Tenn.-based bank will not receive any proceeds from the sale.

Issuer:	First Alliance Bancshares Inc.
Amount:	$3,593,000
Proceeds:	$2.52 million
Maturity:	Perpetual
Pricing date:	Dec. 12
Settlement date:	Dec. 20
Series A fixed-rate cumulative preferred stock
Amount:	$3.42 million, or 3,422 shares
Liquidation preference:	$1,000
Price:	$700.10 each
Series B fixed-rate cumulative preferred stock
Amount:	$171,000, or 171 shares
Liquidation preference:	$1,000
Price:	$700.01 per share

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