WASHINGTON — The Treasury Department said Wednesday it priced the sale of roughly 3.2 million warrants to purchase common stock of TCF Financial Corp. for $3.00 per warrant.
The department said taxpayers will receive net proceeds from the warrant sale of roughly $9.5 million, and that the sale is expected to close next week. The $3.00 sale price is twice the minimum bid price the Treasury set when it announced the modified auction on Monday.
The U.S. government received the warrants as part of its $361 million investment in TCF Financial last November. The firm repaid the capital investment in April.
The Treasury has begun auctioning off a number of the warrants it holds in U.S. financial institutions, including a Friday sale of warrants to purchase stock in J.P. Morgan Chase & Co. That deal earned the government a net of $936.06 million.