By Stephanie N. Rotondo
Phoenix, Nov. 21 – The U.S. Department of the Treasury sold at auction $3.23 million of series A and B fixed-rate noncumulative perpetual preferred stock issued by Lone Star Bank under the Troubled Asset Relief Program.
The modified Dutch auction ended Thursday.
The series A $1,000-par preferreds were priced at $621.25 apiece, and the series Bs were sold at $600.01 each.
Total proceeds came to about $2 million.
The Treasury will receive all proceeds.
Lone Star is a Houston-based bank.
| Issuer: | Lone Star Bank
|
| Issue: | Fixed-rate noncumulative preferred stock
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 2
|
|
|
| Series A
|
| Amount: | $3,072,000
|
| Shares: | 3,072
|
| Maturity: | Perpetual
|
| Price: | $621.25
|
| Par: | $1,000
|
|
|
| Series B
|
| Amount: | $154,000
|
| Shares: | 154
|
| Maturity: | Perpetual
|
| Price: | $600.01
|
| Par: | $1,000
|
|
|
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