By Stephanie N. Rotondo
Phoenix, Nov. 2 - The U.S. Department of the Treasury auctioned $5.35 million of series A and B fixed-rate cumulative perpetual preferreds issued by Franklin Bancorp Inc., the agency said in a press release on Friday.
The Washington, Mo.-based bank sold the notes under the Troubled Asset Relief Program. The modified Dutch auction began Wednesday and ended late Thursday.
The Treasury sold 5,097 shares of the series A preferreds at $632.50 per share. Another 255 of the series B preferreds were sold at $772.50 each.
Total proceeds came to $3.42 million
Franklin Bancorp will not receive any of the proceeds.
Settlement is expected on or about Nov. 9 and Nov. 13.
| Issuer: | Franklin Bancorp Inc.
|
| Amount: | $5,352,000
|
| Proceeds: | $3.42 million
|
| Pricing dates: | Oct. 31 and Nov. 1
|
| Settlement dates: | Nov. 9 and Nov. 13
|
|
|
| Series A
|
| Securities: | Series A fixed-rate cumulative preferreds
|
| Amount: | $5,097,000 (5,097 shares)
|
| Maturity: | Perpetual
|
| Price: | $632.50 per share
|
| Par: | $1,000 per note
|
|
|
| Series B
|
| Securities: | Series B fixed-rate cumulative preferreds
|
| Amount: | $255,000 (255 shares)
|
| Maturity: | Perpetual
|
| Price: | $772.50 per share
|
| Par: | $1,000 per share
|
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