By Stephanie N. Rotondo
Phoenix, Dec. 4 - The U.S. Department of the Treasury sold $2.77 million of debt securities issued by Manhattan Bancshares Inc. under the Troubled Asset Relief Program.
Liquidation preference is $1,000 per security.
The Treasury sold $2.64 million of 7.7% cumulative senior subordinated securities due 2039 at $980.07 each and $132,000 of 13.8% cumulative senior subordinated warrant securities due 2039 at $1,002.61 each.
Total proceeds came to $2.72 million.
Manhattan Bancshares is based in Manhattan, Ill.
Issuer: | Manhattan Bancshares Inc.
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Amount: | $2.77 million
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Proceeds: | $2.72 million
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Maturity: | 2039
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Settlement date: | Dec. 11
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Cumulative senior subordinated securities
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Amount: | $2.64 million
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Price: | $980.07 each
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Liquidation preference: | $1,000
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Interest rate: | 7.7%
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Cumulative senior subordinated warrant securities
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Amount: | $132,000
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Price: | $1,002.61
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Liquidation preference: | $1,000
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Interest rate: | 13.8%
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