Treasury commences auction of TARP preferreds from six institutions

By Stephanie N. Rotondo

Phoenix, March 3 - The U.S. Department of the Treasury launched another round of preferred stock auctions on Monday.

The Treasury will sell off its preferred stock holdings in six financial institutions: BNCCORP Inc. of Bismarck, N.D.; Chicago Shore Corp. of Chicago; IA Bancorp Inc. of Iselin, N.J.; Maryland Financial Bank of Towson, Md.; Meridian Bank of Malvern, Pa.; and Rising Sun Bancorp of Rising Sun, Md.

The agency initially received the preferreds from the banks as part of the Troubled Asset Relief Program.

The modified Dutch auction will end Thursday at 6 p.m. ET.

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