By Stephanie N. Rotondo
Phoenix, Dec. 13 - The U.S. Department of the Treasury sold $3.22 million of preferred stock issued by First Independence Corp. under the Troubled Asset Relief Program.
The modified Dutch auction began Tuesday and ended late Wednesday.
The Treasury priced 3,223 shares of the class C fixed-rate cumulative perpetual preferred stock, series-UST, at $725.00 apiece
Total proceeds came to $2.34 million
The Detroit-based bank will not receive any proceeds from the sale.
| Issuer: | First Independence Corp.
|
| Securities: | Class C fixed-rate cumulative preferred stock
|
| Amount: | $3,223,000, or 3,223 shares
|
| Proceeds: | $2.34 million
|
| Maturity: | Perpetual
|
| Liquidation preference: | $1,000 per share
|
| Price: | $725.00 per share
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 20
|
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