By Stephanie N. Rotondo
Phoenix, Oct. 11 - The U.S. Department of the Treasury sold $5.77 million of series A and B fixed-rate noncumulative perpetual preferreds issued by Valley Community Bank, according to a press release.
The shares were sold via a modified Dutch auction that began on Monday and ended Thursday. The Pleasanton, Calif.-based bank issued the preferred shares to the Treasury under the Troubled Asset Relief Program.
A total of 5,500 series A shares were priced at $417.60 each, while another 275 series B shares were sold at $257.51 each.
Total proceeds came to $2.37 million.
The Treasury will take in all proceeds.
| Issuer: | Valley Community Bank
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| Securities: | Fixed-rate noncumulative preferred stock
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| Maturity: | Perpetual
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| Par: | $1,000 per share
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| Pricing date: | Oct. 10
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| Settlement date: | Oct. 21
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| Series A preferreds
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| Amount: | $5.5 million, or 5,500 shares
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| Price: | $417.60 per share
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| Series B preferreds
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| Amount: | $275,000, or 275 shares
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| Price: | $257.51 per share
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