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The Treasury Department did not sell some of the preferred shares it owns two community banks as planned after it received insufficient bids for the securities.
July 27 -
BNC Bancorp has no immediate plans to exit the program, despite recently raising $73 million from a private placement. CEO Swope Montgomery believes BNC's acquisitions will more than offset the current 5% borrowing rate for the Tarp funds.
June 5
BNC Bancorp (BNCN) has readied itself in case the Treasury Department opts to include the High Point, N.C., company's shares in an upcoming auction of securities tied to the Troubled Asset Relief Program.
The $2.4 billion-asset company filed paperwork with the Securities and Exchange Commission last week to register the potential resale of its roughly 31,200 preferred shares and a warrant to buy about 543,000 shares of common stock that it issued to the Treasury under the Tarp. BNC received $31 million in December 2008 under Tarp.
Another North Carolina bank, Yadkin Valley Financial (YAVY),
The Treasury has been working to aggressively wind down Tarp by auctioning off stakes in various banks. Through four auctions, it has
W. Swope Montgomery, BNC's president and chief executive, had indicated that he was in
The Triangle Business Journal first