Treasury to begin auctions for preferreds of six banks on Thursday

By Marisa Wong

Madison, Wis., Sept. 11 - The Department of the Treasury announced it plans to sell several preferred stock investments as part of its ongoing efforts to wind down and recover its remaining Capital Purchase Program investments under the Troubled Asset Relief Program.

Treasury plans to conduct auctions for all of its preferred stock in the following six institutions:

• Centrue Financial Corp. of Ottawa, Ill.;

• DeSoto County Bank of Horn Lake, Miss.;

• First Banks, Inc. of Clayton, Mo.;

• RCB Financial Corp. of Rome, Ga.;

• Reliance Bancshares, Inc. of Frontenac, Mo.; and

• Severn Bancorp, Inc. of Annapolis, Md.

The modified Dutch auctions are expected to begin Thursday and end at 6 p.m. ET on Tuesday.

The auction procedures will not include the submission of all or none bids.

The securities will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors.

© 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.