New Issue: Treasury auctions $2.65 million of Pacific Commerce's TARP preferreds

By Angela McDaniels

Tacoma, Wash., Jan. 31 - The Department of the Treasury sold $2.65 million of fixed-rate cumulative perpetual preferred stock issued by Pacific Commerce Bank, according to a Treasury news release.

The Treasury sold 4,060 series A preferreds for $620.68 each and 203 series B preferreds for $662.50 each. In total, the series A and series B preferreds' liquidation amount is $2.1 million.

The preferreds were sold via a modified Dutch auction that began Monday and ended Thursday. The bank issued the preferreds to the Treasury under the Troubled Asset Relief Program.

Pacific Commerce Bank is based in Los Angeles.

Issuer:	Pacific Commerce Bank
Securities:	Fixed-rate cumulative perpetual preferred stock
Amount:	$4,263,000, or 4,263 shares
Proceeds:	$2,654,448
Auction dates:	Jan. 27 through Jan. 30
Settlement date:	Feb. 10
Series A preferreds
Amount:	$4.06 million, or 4,060 shares
Proceeds:	$2,519,961
Price:	$620.68
Series B preferreds
Amount:	$203,000, or 203 shares
Proceeds:	$134,488
Price:	$662.50

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.