By Stephanie N. Rotondo
Phoenix, Sept. 13 - The U.S. Department of the Treasury sold $18.1 million of series A and B fixed-rate cumulative perpetual preferreds issued by F&M Financial Corp. of Clarksville, Tenn., 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 $787.50 per share, with 17,243 shares sold, resulting in proceeds of $13.58 million. The Bs were set at $870 per share, with 862 shares being sold. Proceeds from that portion totaled $749,940.
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.
|
| Maturity: | Perpetual
|
| Bookrunners: | Bank of America Merrill Lynch and Sandler O'Neill + Partners LP
|
| Pricing date: | Sept. 12
|
| Settlement date: | Sept. 21
|
|
|
| Series A fixed-rate cumulative preferred shares
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| Amount: | $17.24 million, or 17,243 shares
|
| Price: | $787.50 per share
|
|
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| Series B fixed-rate cumulative preferred shares
|
| Amount: | $862,000, or 862 shares
|
| Price: | $870 per share
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