By Stephanie N. Rotondo
Phoenix, June 20 – The U.S. Department of the Treasury priced at auction $1.79 million of Maryland Financial Bank’s series A and B fixed-rate noncumulative perpetual preferred stock, according to an agency press release.
The preferreds – issued to the Treasury as part of the Troubled Asset Relief Program – priced via a modified Dutch auction that began Monday and ended Thursday.
The Treasury sold 1,700 series A shares at $310 per share. Another 85 series B shares priced at $315 each.
Total proceeds came to $553,775.
The Treasury will receive all of those funds.
Maryland Financial is based in Towson, Md.
| Issuer: | Maryland Financial Bank
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| Pricing date: | June 19
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| Settlement date: | July 2
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| Series A noncumulative preferred stock
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| Amount: | $1.7 million, or 1,700 shares
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| Maturity: | Perpetual
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| Price: | $310 per share
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| Par: | $1,000 per share
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| Series B noncumulative preferred stock
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| Amount: | $85,000, or 85 shares
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| Maturity: | Perpetual
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| Price: | $315 per share
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| Par: | $1,000 per share
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