By Stephanie N. Rotondo
Phoenix, June 20 – The U.S. Department of the Treasury auctioned off $30.4 million of Royal Bancshares of Pennsylvania Inc.’s series A fixed-rate cumulative perpetual preferred stock, according to an agency press release.
The preferreds – issued to the Treasury as part of the Troubled Asset Relief Program – priced via a modified Dutch auction that began on Monday and ended Thursday.
The Treasury sold 30,407 series A shares at $1,207.11 per share.
Total proceeds came to $36.7 million.
The Treasury will receive all of those funds.
Royal Bancshares is based in Narberth, Pa.
| Issuer: | Royal Bancshares of Pennsylvania Inc.
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| Securities: | Series A fixed-rate cumulative preferred stock
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| Amount: | $30.4 million, or 30,407 shares
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| Maturity: | Perpetual
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| Price: | $1,207.11 per share
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| Par: | $1,000 per share
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| Pricing date: | June 19
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| Settlement date: | July 2
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