-
The Treasury Department plans to auction its holdings in seven banks, including Flagstar Bancorp (FBC), as it continues to unwind the Troubled Asset Relief Program holdings.
March 8
The Treasury Department plans to auction its holdings in eight more banks as it continues to unwind Troubled Asset Relief Program holdings.
Treasury's original stakes in the banks totaled $117.4 million.
They include the $52 million it invested in NewBridge Bancorp in Greensboro, N.C.; a $20 million interest in First Financial Service Corp. of Elizabethtown, Ky.; and $17 million share in Guaranty Federal Bancshares in Springfield, Mo.
Other stakes to be sold are its $11.9 million share in Plumas Bancorp of Quincy, Calif.; an $8.6 million stake in BancStar of Festus, Mo.; a $2.4 million interest in Brogan Bankshares of Kaukauna, Wis.; a $3 million stake in Tennessee Valley Financial Holdings Oak Ridge; and a $2.5 million share in Plato Holdings of St. Paul, Minn.
More than 700 banks and thrifts participated in Tarp and, at March 31, there were 173 banks remaining in the program. Treasury has said it plans to sell its shares in roughly two-thirds of the banks that remain, while those that are not auctioned are expected repay their Tarp funds.
