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Treasury to begin auctions for preferreds of six banks on Thursday
By Marisa Wong
Madison, Wis., Sept. 11 - The Department of the Treasury announced it plans to sell several preferred stock investments as part of its ongoing efforts to wind down and recover its remaining Capital Purchase Program investments under the Troubled Asset Relief Program.
Treasury plans to conduct auctions for all of its preferred stock in the following six institutions:
• Centrue Financial Corp. of Ottawa, Ill.;
• DeSoto County Bank of Horn Lake, Miss.;
• First Banks, Inc. of Clayton, Mo.;
• RCB Financial Corp. of Rome, Ga.;
• Reliance Bancshares, Inc. of Frontenac, Mo.; and
• Severn Bancorp, Inc. of Annapolis, Md.
The modified Dutch auctions are expected to begin Thursday and end at 6 p.m. ET on Tuesday.
The auction procedures will not include the submission of all or none bids.
The securities will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors.
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