The Treasury Department said Monday it has launched an offering of warrants to buy equity in Valley National Bancorp.
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The secondary public offering of 2.5 million warrants for common stock of the Wayne, N.J., bank is part of the Treasury's effort to recoup part of the $700 billion financial sector bailout.
The Treasury set a minimum bid of $1.70 per warrant. The auction will start Tuesday at 8 a.m. Eastern Daylight Time and close at 6:30 p.m. EDT.
The Treasury recently announced plans to sell warrants in six banks, including Valley National. The government received the warrants in 2008 when it provided support to about 270 banks through the Troubled Asset Relief Program.
