The Treasury Department will receive $62 million from its latest auction of stakes it owns in banks through the Troubled Asset Relief Program.
The proceeds represent a slight discount to what the Treasury initially invested in the 15 banks at the height of the financial crisis in 2008 and 2009. The sales are expected to close before the end of the month, the Treasury said Tuesday. The offerings were priced through a modified Dutch auction where potential investors submit their bids in advance.
Treasury began auctioning shares in May in smaller banks left in Tarp as part of an effort to wind down the program.
The banks involved in the latest auction were Alaska Pacific Bancshares in Juneau; Bank of Commerce in Charlotte, N.C.; Carolina Trust Bank in Lincolnton, N.C.; CBB Bancorp in Cartersville, Ga.; Clover Community Bancshares in Clover, S.C.; Community Bancshares of Mississippi in Brandon; Community Business Bank in West Sacramento, Calif.; Corning Savings and Loan Association in Arkansas; Country Bank Shares in Milford, Neb.; FFW Corp. in Wabash, Ind.' Hometown Bancshares in Corbin, Ky.; KS Bancorp in Smithfield, N.C.; Layton Park Financial Group in West Allis, Wis.; Parke Bancorp in Sewell, N.J.; and TriSummit Bank in Kingsport, Tenn.