By Stephanie N. Rotondo
Phoenix, June 20 – The U.S. Department of the Treasury sold $17.64 million of White River Bancshares Co.’s series A and B 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 Monday and ended Thursday.
The Treasury priced 16,800 series A preferreds at $1,063.21 each. Another 840 series B preferreds were sold at $1,205.55 per share.
Total proceeds came to $18.87 million.
The Treasury will receive all of those funds.
White River is based in Fayetteville, Ark.
| Issuer: | United American Bank
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| Pricing date: | June 19
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| Settlement date: | July 2
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| Series A cumulative preferred stock
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| Amount: | $16.8 million, or 16,800 shares
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| Maturity: | Perpetual
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| Price: | $1,063.21 per share
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| Par: | $1,000 per share
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| Series B cumulative preferred stock
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| Amount: | $840,000, or 840 shares
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| Maturity: | Perpetual
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| Price: | $1,205.55 per share
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| Par: | $1,000 per share
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