Treasury to auction preferred stock, debt from 11 banks
Assets tied to 11 U.S. banking facilities will be auctioned off by the Treasury as the agency tries to offload the remaining preferred stock and subordinated debt positions it acquired through the Troubled Asset Relief Program's capital purchase plan.
Initially, the Capital Purchase Program acquired assets – including preferred stock and debt – to help provide liquidity to banking institutions in the wake of the financial crisis.
The Treasury is now auctioning off preferred stock and subordinated debt positions from the following banks: Alliance Financial Services in St. Paul, Minn.; Biscayne Bancshares Inc. (Coconut Grove, Fla.); Citizens Bancshares Co. (Chillicothe, Mo.); Coastal Banking Co. (Beaufort, S.C.); Colony Bankcorp (Fitzgerald, GA); Delmar Bancorp (Salisbury, MD); Dickinson Financial Corp. (Kansas City, MO); F&M Bancshares (Trezevant, Tenn.); First Priority Financial Corp. (Malvern, Pa.); HMN Financial (Rochester, Minn.); and Waukesha Bankshares (Waukesha, Wis.)
The offerings will commence at 9 a.m. (EST) on Jan. 28 an last through 6 p.m. (EST) on Jan. 29.
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