The Treasury Department announced it will auction off warrants today to purchase the common stock of Sterling Bancshares Inc. in Houston.
The $5 billion-asset company issued 2.6 million warrants in exchange for an investment via the Troubled Asset Relief Program. Sterling received $125.2 million through the Capital Purchase Program in December 2008 and repaid the funds in May 2009.
The warrants, which represent the Treasury's remaining investment in Sterling, will provide an additional return to the taxpayers, the agency said Tuesday.
