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The Treasury Department will receive roughly $204 million from its latest auctions selling off the preferred shares of seven financial institutions from the Troubled Asset Relief Program.
June 28 -
The Treasury Department is auctioning off shares it owns in seven more community banks still left in the Troubled Asset Relief Program and at least five of the banks intend to bid on all or some of the shares themselves.
June 25
Firstbank (FBMI) in Alma, Mich., plans to redeem its remaining Troubled Asset Relief Program shares for $17 million.
The $1.5 billion-asset company has received regulatory approval to redeem the shares from investors who bought them in an
Firstbank expects the redemption to cost $17 million. It received $33 million through the Treasury Department's program in January 2009. After the planned redemption, Firstbank will have no preferred shares outstanding.
"We are pleased to report our ability to redeem the remaining Preferred Stock outstanding which will occur without the need to issue any new common equity due to our already strong capital and liquidity levels," Thomas Sullivan, Firstbank's president and chief executive, said in a press release. "Our capital ratios following the redemption will continue to exceed the requirements of our regulators and the standards for well-capitalized banks."
Firstbank was
