New Issue: Treasury auctions $3.91 million Pathway Bancorp TARP preferreds, raises $4.6 million

By Stephanie N. Rotondo

Phoenix, June 14 - The U.S. Department of the Treasury sold $3.91 million of series A and B fixed-rate cumulative perpetual preferred stock issued by Pathway Bancorp, according to a press release.

Pricing of the preferreds was done via a modified Dutch auction that began Monday and ended Thursday. The $1,000-par preferreds were issued to the agency under the Troubled Asset Relief Program.

The series A preferreds were priced at $1,167.01 per share, with 3,727 shares being sold. Another 186 of the series Bs were sold at $1,352.50 each.

Total proceeds to the Treasury were $4.6 million.

Pathway is based in Cairo, Neb.

Issuer:	Pathway Bancorp
Amount:	$3,913,000
Proceeds:	$4,601,011
Pricing date:	June 13
Settlement date:	June 24
Series A fixed-rate cumulative preferred stock
Amount:	$3,727,000, or 3,727 shares
Proceeds:	$4,349,446
Maturity:	Perpetual
Price:	$1,167.01
Liquidation preference:	$1,000
Series B fixed-rate cumulative preferred stock
Amount:	$186,000, or 186 shares
Proceeds:	$251,565
Maturity:	Perpetual
Price:	$1,352.50
Liquidation preference:	$1,000

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