The U.S. earned $6.56 million in its latest auction of warrants obtained from financial institutions that were once part of its $700 billion market-rescue program.
The Treasury sold its 758,086 warrants to purchase shares of common stock from Texas Capital Bancshares, Inc. for $8.85 each, it said Friday.
The government obtained warrants in several banks that received funds through the Troubled Asset Relief Program, an initiative launched in late 2008 to stabilize the nation’s financial sector.
The Texas Capital warrants have a strike price of $14.84 and expire in January 2019. The minimum bid price per warrant was $6.50.
The Texas Capital auction was the latest of three the Treasury held last week.
