Treasury announces TARP auction of eight institutions' securities

By Stephanie N. Rotondo

Phoenix, April 12 - The Department of the Treasury has scheduled an auction of preferred stock and subordinated debt positions held in eight financial institutions, according to a Friday press release.

The securities were issued to the federal agency under the Troubled Asset Relief Program. The modified Dutch auction is expected to begin on Monday and end at 6 p.m. ET on Thursday.

The eight institutions are BancStar Inc. of Festus, Mo.; Brogan Bankshares Inc. of Kaukauna, Wisc.; First Financial Service Corp. of Elizabethtown, Ky.; Guaranty Federal Bancshares Inc. of Springfield, Mo.; NewBridge Bancorp of Greensboro, N.C.; Plato Holdings Inc. of St. Paul, Minn.; Plumas Bancorp of Quincy, Calif.; and Tennessee Valley Financial Holdings Inc.,of Oak Ridge, Tenn.

All proceeds will go back to the Treasury.

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