By Stephanie N. Rotondo
Phoenix, Feb. 8 - The U.S. Department of the Treasury sold at auction $11.45 million of series A and B fixed-rate cumulative perpetual preferred stock issued by Ridgestone Financial Services Inc. under the Troubled Asset Relief Program.
The modified Dutch auction began Wednesday and concluded late Thursday.
A total of 10,900 of the series A preferreds were priced at $822.60 apiece. Another 545 shares of the series Bs were priced at $882.60 per share. Total proceeds came to $9.45 million million.
The Treasury will receive all the proceeds.
Ridgestone in based in Brookfield, Wisc.
| Issuer: | Ridgestone Financial Services Inc.
|
| Issuer: | Fixed-rate cumulative preferred stock
|
| Amount: | $11,445,000
|
| Par: | $1,000
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 20
|
|
|
| Series A preferreds
|
| Amount: | $10.9 million
|
| Shares: | 10,900
|
| Maturity: | Perpetual
|
| Price: | $822.60 each
|
|
|
| Series B preferreds
|
| Amount: | $545,00
|
| Shares: | 545
|
| Maturity: | Perpetual
|
| Price: | $882.60 each
|
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