By Stephanie N. Rotondo
Phoenix, Nov. 2 - The U.S. Department of the Treasury priced $1.58 million of series TS and TW fixed-rate cumulative perpetual preferreds issued by Regional Bankshares Inc., the agency said in a press release on Friday.
The Hartsville, S.C.-based bank sold the notes under the Troubled Asset Relief Program. The modified Dutch auction began Wednesday and ended late Thursday.
The Treasury sold 1,500 shares of the series TS preferreds at $925 per share. Another 75 of the series TW preferreds were sold at par each.
Total proceeds came to $1.46 million.
The bank will not receive any of the proceeds.
Settlement is expected on or about Nov. 9 and Nov. 13.
| Issuer: | Regional Bankshares Inc.
|
| Amount: | $1,575,000
|
| Proceeds: | $1.46 million
|
| Par: | $1,000
|
| Pricing dates: | Oct. 31 and Nov. 1
|
| Settlement dates: | Nov. 9 and Nov. 13
|
|
|
| Series TS
|
| Securities: | Series TS fixed-rate cumulative preferreds
|
| Amount: | $1.5 million (1,500 shares)
|
| Maturity: | Perpetual
|
| Price: | $925 per share
|
|
|
| Series TW
|
| Securities: | Series TW fixed-rate cumulative preferreds
|
| Amount: | $75,000 (75 shares)
|
| Maturity: | Perpetual
|
| Price: | $1,000 per share
|
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