By Stephanie N. Rotondo
Phoenix, Nov. 2 - The U.S. Department of the Treasury sold $8.96 million of series B and C fixed-rate cumulative perpetual preferreds issued by First Freedom Bancshares Inc., the agency said in a press release on Friday.
The Lebanon, Tenn.-based bank sold the notes under the Troubled Asset Relief Program. The modified Dutch auction began Wednesday and ended late Thursday.
The Treasury sold 8,700 shares of the series B preferreds at $922.50 per share. Another 261 of the series C preferreds were sold at $991.21 each.
Total proceeds came to $8.28 million.
First Freedom will not receive any of the proceeds.
Settlement is expected on or about Nov. 9 and Nov. 13.
| Issuer: | First Freedom Bancshares Inc.
|
| Amount: | $8,961,000
|
| Proceeds: | $8.28 million
|
| Par: | $1,000
|
| Pricing dates: | Oct. 31 and Nov. 1
|
| Settlement dates: | Nov. 9 and Nov. 13
|
|
|
| Series B
|
| Securities: | Series B fixed-rate cumulative preferreds
|
| Amount: | $8.7 million (8,700 shares)
|
| Maturity: | Perpetual
|
| Price: | $922.50 per share
|
|
|
| Series C
|
| Securities: | Series C fixed-rate cumulative preferreds
|
| Amount: | $261,000 (261 shares)
|
| Maturity: | Perpetual
|
| Price: | $991.21 per note
|
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