By Stephanie N. Rotondo
Phoenix, Sept. 13 - The U.S. Department of the Treasury auctioned off $17.85 million of series A and B fixed-rate cumulative perpetual preferreds issued by F&M Financial Corp. of Salisbury, N.C. under the Troubled Asset Relief Program.
The auction began on Monday and concluded Wednesday.
The preferreds have a liquidation preference of $1,000 per share.
The series A preferreds were priced at $950 per share, with 17,000 shares sold, resulting in proceeds of $16.15 million. The Bs were priced at $921.30 per share, with 850 shares being sold. Proceeds from that portion totaled $783,105.
Settlement is expected no later than Sept. 21.
The bank will not receive any proceeds from the modified Dutch auction.
Bank of America Merrill Lynch and Sandler O'Neill + Partners LP are the auction agents and joint bookrunning managers.
| Issuer: | F&M Financial Corp.
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| Maturity: | Perpetual
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| Bookrunners: | Bank of America Merrill Lynch and Sandler O'Neill + Partners LP
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| Pricing date: | Sept. 12
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| Settlement date: | Sept. 21
|
|
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| Series A fixed-rate cumulative preferred shares
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| Amount: | $17 million, or 17,000 shares
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| Price: | $950 per share
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| Series B fixed-rate cumulative preferred shares
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| Amount: | $850,000, or 850 shares
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| Price: | $921.30 per share
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