By Stephanie N. Rotondo
Phoenix, Sept. 13 - The U.S. Department of the Treasury auctioned off $22 million of series B fixed-rate cumulative perpetual preferreds issued by First Community Financial Partners Inc. under the Troubled Asset Relief Program.
The auction began on Monday and concluded Wednesday.
The preferreds have a liquidation preference of $1,000 per share.
The series B preferreds were priced at $652.50 per share, with 22,000 shares sold, resulting in proceeds of $14.36 million.
Settlement is expected no later than Sept. 21.
The Joliet, Ill.-based bank will not receive any proceeds from the modified Dutch auction.
Bank of America Merrill Lynch and Sandler O'Neill + Partners LP are the auction agents and joint bookrunning managers.
| Issuer: | First Community Financial Partners Inc.
|
| Securities: | Series B fixed-rate cumulative preferred shares
|
| Amount: | $22 million, or 22,000 shares
|
| Price: | $652.50 per share
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch and Sandler O'Neill + Partners LP
|
| Pricing date: | Sept. 12
|
| Settlement date: | Sept. 21
|
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