Treasury nixes sale of First Community Financial TARP preferreds

By Stephanie N. Rotondo

Phoenix, July 27 - The U.S. Treasury did not proceed with a sale of First Community Financial 9% series C cumulative perpetual preferreds at a recent Troubled Asset Relief Program auction, the agency said in a press release Friday.

The auction began Tuesday and wrapped Thursday.

The Treasury said it did not receive sufficient bids above the minimum price for First Community's securities.

The Treasury auctioned off preferred stock and subordinated debt of 12 institutions at the three-day auction. All of the securities had been previously acquired by the Treasury via TARP.

This auction was the first that has occurred where the Treasury sold securities from companies that had no publicly traded common stock.

All told, the Treasury took in $248.5 million from the auction.

First Community is a Joliet, Ill.-based bank.

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