By Stephanie N. Rotondo
Phoenix, April 19 - The Department of the Treasury auctioned off $9.03 million of series A and B $1,000-par fixed-rate cumulative perpetual preferred stock issued by BancStar Inc., according to a press release.
The preferreds were issued to the agency under the Troubled Asset Relief Program.
The modified Dutch auction began Monday and ended Thursday.
A total of 8,600 series A preferreds were sold for $982.67 each, and 430 of the series B preferreds were sold for $1,001.50 apiece.
Total proceeds came to $8.88 million.
The Festus, Mo.-based bank will not receive any of the raised funds.
| Issuer: | BancStar Inc.
|
| Issue: | Fixed-rate cumulative preferred stock
|
| Amount: | $9.03 million
|
| Proceeds: | $8,881,607
|
| Settlement date: | April 29
|
|
|
| Series A preferreds
|
| Amount: | $8.6 million
|
| Shares: | 8,600
|
| Maturity: | Perpetual
|
| Price: | $982.67
|
| Par: | $1,000
|
|
|
| Series B preferreds
|
| Amount: | $430,000
|
| Shares: | 430
|
| Maturity: | Perpetual
|
| Price: | $1,001.50
|
| Par: | $1,000
|
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