Treasury schedules Dutch auction for preferred shares of five banks

By Stephanie N. Rotondo

Phoenix, June 11 – The U.S. Department of the Treasury has scheduled a modified Dutch auction of its preferred stock holdings in five financial institutions, according to a press release.

The institutions are Citizens Bank & Trust Co. of Covington, La.; CSRA Bank Corp. of Wrens, Ga.; Metropolitan Capital Bancorp Inc. of Chicago; Prairie Star Bancshares Inc. of Olathe, Kan.; and SouthFirst Bancshares Inc. of Sylacuaga, Ala.

The auction will commence Monday and end at 6 p.m. ET on June 18.

The Treasury purchased the preferreds as part of a capital purchase program under the Troubled Asset Relief Program.

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