By Stephanie N. Rotondo
Phoenix, Nov. 8 - The U.S. Department of the Treasury auctioned $17.01 million of Pacific City Financial Corp.'s series A and B fixed-rate cumulative perpetual preferreds, according to a press release.
The preferreds were issued to the agency under the Troubled Asset Relief Program. The modified Dutch auction began on Monday and ended Thursday.
A total of 16,200 shares of the series A preferreds were sold at $1,215.17 per share. Another 810 of the series Bs were sold at $1,442.37 per share.
Total proceeds came to $20.85 million.
The Treasury will receive all proceeds.
Pacific City is a Los Angeles-based financial institution.
| Issuer: | Pacific City Financial Corp.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 19
|
|
|
| Series A fixed-rate cumulative preferred stock
|
| Amount: | $16.2 million, or 16,200 shares
|
| Maturity: | Perpetual
|
| Price: | $1,215.17 per share
|
| Par: | $1,000
|
|
|
| Series B fixed-rate cumulative preferred stock
|
| Amount: | $810,000, or 810 shares
|
| Maturity: | Perpetual
|
| Price: | $1,442.37 per share
|
| Par: | $1,000
|
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