Treasury schedules TARP auction Tuesday for seven institutions

By Stephanie N. Rotondo

Phoenix, Dec. 10 - The U.S. Department of the Treasury will auction off preferred stock and subordinated debt positions held in seven financial institutions on Tuesday, according to a press release.

The holdings were purchased under the Troubled Asset Relief Program.

Participating institutions include Bank Financial Services Inc. of Eden Prairie, Minn.; Bank of Southern California NA of San Diego; Century Financial Services Corp. of Santa Fe, N.M.; Community Investors Bancorp Inc. of Bucyrus, Ohio; First Alliance Bancshares Inc. of Cordova, Tenn.; First Independence Corp. of Detroit; and Hyperion Bank of Philadelphia.

Only qualified institutional buyers and certain accredited institutional investors will be allowed to take part in the modified Dutch auction.

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