Treasury schedules auction of TARP preferreds from six banks

By Stephanie N. Rotondo

Phoenix, June 13 – The Department of the Treasury plans to sell preferred stock issued to the agency under the Troubled Asset Relief Program.

Six financial institutions will be participating, including Marine Bank & Trust Co. of Vero Beach, Fla.; Market Bancorporation Inc. of Elko New Market, Minn.; Maryland Financial Bank of Towson, Md.; Royal Bancshares of Pennsylvania Inc. of Narbeth, Pa.; United American Bank of San Mateo, Calif.; and White River Bancshares Co. of Fayetteville, Ark., according to a Treasury press release.

The preferreds will be sold via a modified Dutch auction that is scheduled to begin Monday and end Wednesday.

The Treasury will receive all proceeds.

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