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The Treasury Department said that 218 banks remain in the Trouble Asset Relief Program's Capital Purchase Program, and that it expects to sell its stakes in roughly 144 banks in 2013.
December 19 -
The Treasury Department has decided to cancel the auction of Coastal Banking Company's Troubled Asset Relief Program shares after the bank received approval to pay dividends.
February 7
The Treasury Department has begun an auction for its Troubled Asset Relief Program stake in nine more banks.
On Monday morning the Treasury began a Dutch auction for the shares, which it expects to close on Thursday evening. The total value of the preferred stock and debt that the Treasury plans to sell is approximately $158 million and represents its full Tarp holdings in nine banks.
The single largest stake the Treasury plans to auction is its $73 million holding in Old Second Bancorp in Aurora, Ill., the parent company of the $1.9 billion-asset Old Second National Bank.
The other companies whose Tarp stakes are included in the auction are the $216 million-asset Boscobel Bancorp in Boscobel, Wis.; the $425 million-asset Coastal Banking in Beaufort, S.C.; the $425 million-asset CoastalSouth Bancshares in Hilton Head, S.C.; the $439 million-asset First Reliance Bancshares in Florence, S.C.; the $394 million-asset Northwest Bancorporation in Spokane, Wash.; the $137 million-asset Santa Clara Valley Bank in Santa Paula, Calif.; the $567 million-asset Southcrest Financial Group in Peachtree City, Ga.; and the $830 million-asset Queensborough Company in Louisville, Ga.
The Treasury had
The Treasury has held a number of auctions over the past year as part of its effort to wind down the Tarp program and to date has sold stakes in nearly 100 banks. A little more than 200 banks remain in the program and its plan is to sell its stakes in roughly two-thirds of them.
