Treasury auctioning TARP preferreds from four participating banks

By Stephanie N. Rotondo

Phoenix, March 31 - The Department of the Treasury launched a modified Dutch auction of preferred stock and subordinated debt issued by four financial institutions on Monday.

The auction began Monday morning at 9 a.m. ET and is scheduled to end at 6 p.m. ET on Thursday. Participating institutions include Community First Inc. of Columbia, Tenn.; Freeport Bancshares Inc. of Freeport, Ill.; Great River Holdings Co. of Baxter, Minn.; and Patriot Bancshares Inc. of Houston.

The banks issued the preferred and subordinated securities to the government agency as part of the Troubled Asset Relief Program.

The Treasury will receive any and all proceeds from the sale.

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