New Issue: Treasury sells $11.67 million of First Banks' $1,000-par TARP preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 18 - The U.S. Department of the Treasury auctioned off $11.67 million of $1,000-par class C fixed-rate cumulative preferred stock issued by First Banks Inc., according to a press release.

The preferreds were sold via a modified Dutch auction that began Sept. 12 and ended Tuesday. The bank issued the stock to the federal agency as part of the Troubled Asset Relief Program.

The preferreds were priced at $551.59 each for total proceeds of $6.44 million.

The Treasury will receive all proceeds.

First Banks is based in Clayton, Mo.

Issuer:	First Banks Inc.
Securities:	Class C fixed-rate cumulative preferred stock
Amount:	$11,669,000, or 11,669 shares
Proceeds:	$6,436,503.71
Maturity:	Perpetual
Price:	$551.59
Par amount:	$1,000
Pricing date:	Sept. 17
Settlement date:	Sept. 25

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