U.S. Treasury plans another round of TARP preferred stock auctions; 11 banks to participate

By Stephanie N. Rotondo

Phoenix, Oct. 19 - The U.S. Department of the Treasury is planning an auction of its preferred stock holdings in 11 banks that participated in the Troubled Asset Relief Program.

The modified Dutch auction is set to commence on Monday.

Participating institutions include Blue Ridge Bancshares, Inc. of Independence, Mo.; First Gothenburg Banschares, Inc. of Gothenburg, Neb.; Blackhawk Bancorp Inc. of Beloit, Wis.; Germantown Capital Corp. Inc. of Germantown, Tenn.; CenterBank of Milford, Ohio; Oak Ridge Financial Services, Inc. of Oak Ridge, N.C.; Congaree Bancshares Inc. of Cayce, S.C.; Metro City Bank of Doraville, Ga.; Peoples Bancshares of TN, Inc. of Madisonville, Tenn.; the Little Bank, Inc. of Kinston, N.C.; and HomeTown Bankshares Corp. of Roanoke, Va.

None of the banks will receive any proceeds raised at the auction.

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