By Stephanie N. Rotondo
Phoenix, July 27 - The Department of the Treasury sold $8.43 million of series B and C preferreds issued by First Western Financial Inc. via a modified Dutch auction, the agency said in a press release on Friday.
The auction began Tuesday and wrapped up Thursday.
The $1,000-par series B fixed-rate cumulative perpetual preferreds were sold for $828.50, resulting in $354,598 of gross proceeds. The Treasury also sold series C fixed-rate cumulative perpetual preferreds at $775.00 each for proceeds of $6.2 million.
Only 67% of the Treasury's series C holdings were auctioned off.
The Treasury auctioned off preferred stock and subordinated debt of 12 institutions at the three-day auction. All of the securities had been previously acquired by the Treasury via the Troubled Asset Relief Program.
This auction was the first that has occurred where the Treasury sold off securities from companies that had no publicly traded common stock.
All told, the Treasury took in $248.5 million from the auction.
Settlement is expected Aug. 9 and Aug. 10.
First Western is a Denver-based bank holding company.
| Issuer: | First Western Financial Inc.
|
| Issue: | Fixed-rate cumulative perpetual preferreds
|
| Amount: | $8.43 million
|
| Liquidation preference: | $1,000 each
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 9 or Aug. 10
|
|
|
| Series B preferreds
|
| Amount: | $428,000
|
| Price: | $828.50
|
|
|
| Series C preferreds
|
| Amount: | $8 million
|
| Price: | $775.00
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
