New Issue: Treasury sells $9.4 million First Priority Financial TARP preferreds

By Stephanie N. Rotondo

Phoenix, Jan. 30 - The U.S. Department of the Treasury priced $9.4 million of First Priority Financial Corp.'s $1,000-par series A, B and C fixed-rate cumulative preferred stock issued under the Troubled Asset Relief Program.

The modified Dutch auction began Monday and ended Tuesday.

A total of 4,579 shares of the series A preferreds were price at $882.90 per share. Another 229 shares of the series B preferreds were priced at $991.21 per share, and 4,596 shares of the series Cs were priced at $881.25 each.

Total proceeds came to $8.32 million.

The Treasury will receive all proceeds.

First Priority Financial is a Malvern, Pa.-based financial institution.

Issuer:	First Priority Financial Corp.
Total amount:	$9,404,000
Proceeds:	$8,320,011
Pricing date:	Jan. 29
Settlement dates:	Feb. 7-8
Series A fixed-rate cumulative preferred stock
Amount:	$4.58 million, or 4,579 shares
Securities:	Series A cumulative preferred stock
Maturity:	Perpetual
Price:	$882.90 per share
Par:	$1,000
Series B fixed-rate cumulative preferred stock
Amount:	$229,000, or 229 shares
Securities:	Series B cumulative preferred stock
Maturity:	Perpetual
Price:	$991.21 per share
Par:	$1,000
Series C fixed-rate cumulative preferred stock
Amount:	$4.59 million, or 4,596 shares
Securities:	Series C cumulative preferred stock
Maturity:	Perpetual
Price:	$881.25 per share
Par:	$1,000

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