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.

The department said Friday that it will recoup roughly $248.5 million from its latest auctions selling off its investments in a group of banks from the Troubled Asset Relief Program. However, it did not sell its Series B preferred stock in First Community Financial in Joliet, Ill., and its Series A preferred stock in First Western Financial in Denver. It also sold only 67% of its Series C preferred stock in First Western.

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