New Issue: Treasury auctions $298.5 million class C, D cumulative preferreds from First Banks

By Stephanie N. Rotondo

Phoenix, Aug. 2 - The U.S. Department of the Treasury priced at auction $298.5 million of class C and D fixed-rate cumulative perpetual preferred stock issued by First Banks Inc., the agency said in a press release.

The modified Dutch auction began Monday and ended Thursday. The Clayton, Mo.-based bank issued the securities to the Treasury under the Troubled Asset Relief Program.

The class C preferreds were priced at $350.00 per share, and the class Ds were priced at $571.00 per share. The Treasury said it had sold only 96% of its holdings of the class C preferreds, or about 283,731 shares, because it did not receive enough bids above the pre-established minimum price.

Total proceeds to the Treasury were $107.74 million.

Issuer:	First Banks Inc.
Pricing date:	Aug. 1
Settlement date:	Aug. 12
Class C preferred stock
Amount:	$283,731,000, or 283,731 shares
Proceeds:	$99,305,850
Securities:	Class C fixed-rate cumulative preferred stock
Maturity:	Perpetual
Price:	$350.00 each
Liquidation preference:	$1,000
Class D preferred stock
Amount:	$14.77 million, or 14,770 shares
Proceeds:	$8,433,670
Description:	Class D fixed-rate cumulative preferred stock
Maturity:	Perpetual
Price:	$571.00 each
Liquidation preference:	$1,000

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