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The Treasury Department plans to auction nearly $118 million of shares in six lenders as it continues to wind down the Troubled Asset Relief Program.
September 12 -
The Treasury Department raised more than $7 million from the sale of nearly 5.8 million warrants to purchase common stock in Zions Bancorp. (ZION).
December 5 -
The Treasury Department will receive $91 million from its latest auction. The agency announced plans last week to auction nearly $118 million of securities from several small banks.
September 18
The Treasury Department expects to receive roughly $66 million from a recent auction of stakes it owns in seven banks from the Troubled Asset Relief Program.
Treasury will receive the largest sum$26.5 millionfrom bids on its sale of 24,000 shares in Eastern Virginia BankShares (EVBS) in Tappahannock, Va. The shares were priced at $1,104 per share. Additionally, the department received bids worth $21.3 million from the sale of 21,750 shares in Blue Valley Ban Corp. in Overland Park, Kan. The stock was priced at $978 per share.
Treasury had planned to auction stakes worth $17.3 million in Liberty Shares in in Hinesville, Ga., but did not receive sufficient bids above the minimum prices. It sold roughly 81% of its remaining shares in Centrue Financial Corp. in Ottawa, Ill.
Treasury also received bids for shares in Bank of George in Las Vegas; Oregon Bancorp in Salem, Ore.; Spirit BankCorp in Bristow, Okla.; and Valley Community Bank in Pleasanton, Calif.
The auction, which
"During the financial crisis, TARP played a critical role in stabilizing the economy," Assistant Secretary for Financial Stability Timothy Massad said in a Friday press release. "Today's auctions are part of our ongoing efforts to wind down the bank programs, which have already earned a significant gain for American taxpayers."
The Treasury invested an initial $245 billion in Tarp and has since recovered more than $273 billion through repayments, dividends, interest and other income, according to the release.
