By Stephanie N. Rotondo
Phoenix, July 27 - The Department of the Treasury sold $24.36 million of series A and B preferred stock issued by Park Bancorporation of Madison, Wisc., via a modified Dutch auction, the agency said in a press release on Friday.
The auction began Tuesday and wrapped up Thursday.
The $1,000-par series A fixed-rate cumulative perpetual preferreds were sold for $730.25 each, resulting in $16.94 million of gross proceeds. The series B fixed-rate cumulative perpetual preferreds were sold for $780.25 each for total proceeds of $905,090.
The Treasury auctioned off preferred stock and subordinated debt of 12 institutions at the three-day auction. All of the securities had been previously acquired by the Treasury via the Troubled Asset Relief Program.
This auction was the first that has occurred where the Treasury sold off securities from companies that had no publicly traded common stock.
All told, the Treasury took in $248.5 million from the auction.
Settlement is expected Aug. 9 and Aug. 10.
| Issuer: | Park Bancorporation
|
| Issue: | Fixed-rate cumulative perpetual preferreds
|
| Amount: | $24.36 million
|
| Liquidation preference: | $1,000 each
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 9 or Aug. 10
|
|
|
| Series A preferreds
|
| Amount: | $23.2 million
|
| Price: | $730.25
|
|
|
| Series B preferreds
|
| Amount: | $1.16 million
|
| Price: | $780.25
|
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