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The Treasury has commenced another auction of Tarp holdings. At least banks are planning to use the auction as an opportunity to retire preferred shares that will carry a 9% interest rate in late 2003.
June 11 -
The Treasury Department announced Tuesday that it plans to sell off its shares in seven more community banks as part of its ongoing effort to wind down the Troubled Asset Relief Program.
June 5
The Treasury Department has
The Treasury
The other banking companies that participated in the latest auction were: the $4.8 billion-asset Taylor Capital (TAYC) in Chicago; the $3 billion-asset Ameris Bancorp (ABCB) in Moultrie, Ga.; the $1.9 billion-asset Farmers Capital (FFKT) in Frankfort, Ky.; the $1.2 billion-asset LNB Bancorp (LNBB) in Lorain, Ohio; and the $913 million-asset United Bancorp (UMBI) in Ann Arbor, Mich.
The Treasury Department said that the transactions are expected to close by June 19. At that point, the agency will have auctioned off its preferred shares in 13 community banks, collecting proceeds of more than $600 million in the process. The agency has said that it expects to hold more auctions in the future as it seeks to further recoup its Tarp investments. Roughly 300 of the more than 700 banks and thrifts that received Tarp funds remain in the program.