By Stephanie N. Rotondo
Phoenix, Nov. 21 – The U.S. Department of the Treasury auctioned off $30 million of series A fixed-rate cumulative perpetual preferred stock issued by First United Corp. under the Troubled Asset Relief Program.
The modified Dutch auction ended Thursday.
The $1,000-par preferreds were priced at $1,002.01 apiece, resulting in proceeds of $30.06 million.
The Treasury will receive all proceeds.
First United is an Oakland, Md.-based bank.
| Issuer: | First United Corp.
|
| Securities: | Series A fixed-rate cumulative preferred stock
|
| Amount: | $30 million
|
| Shares: | 30,000
|
| Maturity: | Perpetual
|
| Price: | $1,002.01
|
| Par: | $1,000
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 2
|
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