New Issue: Treasury sells $4.84 million of Virginia Co.'s series A, B TARP preferred stock

By Stephanie N. Rotondo

Phoenix, Aug. 2 - The U.S. Department of the Treasury priced at auction $4.84 million of series A and B fixed-rate noncumulative perpetual preferred stock issued by Virginia Co. Bank, the agency said in a press release.

The preferreds were sold via an online modified Dutch auction that began Monday and ended Thursday. The Newport News, Va.-based bank issued the securities to the Treasury under the Troubled Asset Relief Program.

The series A preferreds were priced at $610.42 per share, and the series Bs were priced at $618.75 per share.

Total proceeds to the Treasury were $2.96 million.

Issuer:	Virginia Co. Bank
Pricing date:	Aug. 1
Settlement date:	Aug. 12
Series A preferred stock
Amount:	$4.7 million, or 4,700 shares
Proceeds:	$2,868,974
Description:	Series A fixed-rate noncumulative preferred stock
Maturity:	Perpetual
Price:	$610.42 each
Liquidation preference:	$1,000
Series B preferred stock
Amount:	$143,000, or 143 shares
Proceeds:	$88,481
Description:	Series B fixed-rate noncumulative preferred stock
Maturity:	Perpetual
Price:	$618.75 each
Liquidation preference:	$1,000

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.