Treasury Department plans auction of TARP preferreds, subordinated debt of eight institutions

By Stephanie N. Rotondo

Phoenix, July 3 - The U.S. Department of the Treasury has scheduled an auction of preferred stock and subordinated debt positions held in eight financial institutions, according to a press release published Wednesday.

The modified Dutch auction will begin Monday and end at 6 p.m. ET on Thursday.

Participating institutions include Alarion Financial Services Inc. of Ocala, Fla.; ColoEast Bankshares Inc. of Lamar, Colo., Commonwealth Business Bank of Los Angeles; Crosstown Holding Co. of Blaine, Minn.; Fidelity Federal Bancorp of Evansville, Ind.; Mountain Valley Bancshares Inc. of Cleveland, Ga.; Omega Capital Corp. of Lakewood, Colo.; and Premier Financial Corp. of Dubuque, Iowa.

The securities held by the Treasury were issued under the Capital Purchase Program of the Troubled Asset Relief Program.

The Treasury will receive all proceeds.

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