New Issue: Treasury auctions $10.4 million of Universal Bancorp's series A, B TARP preferreds

By Stephanie N. Rotondo

Phoenix, Aug. 2 - The U.S. Department of the Treasury sold $10.4 million of series A and B fixed-rate cumulative perpetual preferred stock issued by Universal Bancorp, the agency said in a press release.

The preferreds were sold via an online modified Dutch auction that began Monday and ended Thursday. The Bloomfield, Ind.-based bank issued the securities to the Treasury under the Troubled Asset Relief Program.

The series A preferreds were priced at $950.11 per share, and the series Bs were priced at $972.50 per share.

Total proceeds to the Treasury were $9.89 million.

Issuer:	Universal Bancorp
Pricing date:	Aug. 1
Settlement date:	Aug. 12
Series A preferred stock
Amount:	$9.9 million, or 9,900 shares
Proceeds:	$9,406,089
Securities:	Series A fixed-rate cumulative preferred stock
Maturity:	Perpetual
Price:	$950.11
Liquidation preference:	$1,000
Series B preferred stock
Amount:	$495,000, or 495 shares
Proceeds:	$481,388
Securities:	Series B fixed-rate cumulative preferred stock
Maturity:	Perpetual
Price:	$972.50
Liquidation preference:	$1,000

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