By Stephanie N. Rotondo
Phoenix, Oct. 24 - The U.S. Department of the Treasury sold $7.95 million of series A and B fixed rate cumulative perpetual preferreds issued by First Gothenburg Bancshares Inc., the agency said in a press release on Wednesday.
The modified Dutch auction began early Monday and was completed late Tuesday.
The Treasury auctioned 7,570 shares of the series A preferreds at $910.31 per share for proceeds of $6.89 million. Another 379 of the series B preferreds were sold at $965.11, equaling $365,777.
Total proceeds raised in the auction came to $7.26 million.
The Gothenburg, Neb.-based bank issued both series of the preferreds to the Treasury under the Troubled Asset Relief Program. The bank did not receive any proceeds from the sale.
Settlement is expected by Oct. 31.
Issuer: | First Gothenburg Bancshares Inc.
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Series A
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Securities: | Series A fixed rate cumulative preferreds
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Amount: | $7.57 million
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Maturity: | Perpetual
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Price: | $910.31 per share
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Liquidation preference: | $1,000 per share
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Settlement date: | Oct. 29
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Series B
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Securities: | Series B fixed rate cumulative preferreds
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Amount: | $379,000
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Maturity: | Perpetual
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Price: | $965.11 per share
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Liquidation preference: | $1,000 per share
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Settlement date: | Oct. 31
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