Treasury announces auction of 11 banking institutions' TARP securities, including preferreds

By Stephanie N. Rotondo

Phoenix, Jan. 28 - The U.S. Department of Treasury intends to sell at auction the preferred stock and subordinated debt positions it holds in 11 financial institutions.

The auction began Monday and will end Tuesday. Results will likely be distributed on Wednesday.

Participating institutions include Alliance Financial Services Inc. of St. Paul, Minn.; Biscayne Bancshares Inc. of Coconut Grove, Fla.; Citizens Bancshares Co. of Chillicothe, Mo.; Coastal Banking Co. Inc. of Beaufort, S.C.; Colony Bancorp Inc. of Fitzgerald, Ga.; Delmar Bancorp of Salisbury, Md.; Dickinson Financial Corp. II of Kansas City, Mo.; F&M Bancshares Inc. of Trezevant, Tenn.; First Priority Financial Corp. of Malvern, Pa.; HMN Financial Inc. of Rochester, Minn. and Waukesha Bankshares Inc. of Waukesha, Wis.

The $1,000-par securities will be sold via a modified Dutch auction process. The preferreds and debt were originally issued to the Treasury under the Troubled Asset Relief Program.

The Treasury will receive all proceeds from the sale.

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