Treasury plans auction Monday for TARP preferreds issued by six banks

By Susanna Moon

Chicago, Jan. 23 - The Department of the Treasury said it plans to sell several preferred stock investments under the Troubled Asset Relief Program.

The auction will include the preferreds issued by the following institutions:

• AB&T Financial Corp. of Gastonia, N.C.;

• Atlantic Bancshares, Inc. of Bluffton, S.C.;

• Centrue Financial Corp. of Ottawa, Ill.;

• Community First Bancshares, Inc. of Harrison, Ark.;

• Georgia Primary Bank of Atlanta; and

• Pacific Commerce Bank of Los Angeles.

The Treasury expects to run the auctions beginning Jan. 27 through 6 p.m. ET on Jan. 30, according to a press release.

The offerings will be executed using a modified Dutch auction that establishes a market price by allowing investors to submit bids.

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