WASHINGTON — The Treasury Department said Thursday it will auction off its preferred shares in 11 more institutions that remain in the Troubled Asset Relief Program.
Treasury said it plans to sell all of its stock in the following banks: First Gothenburg Bancshares in Gothenburg, Neb.; Blackhawk Bancorp in Beloit, Wis.; Germantown Capital Corp. Inc. in Germantown, Tenn.; CenterBank in Milford, Ohio; Oak Ridge Financial Services Inc. in Oak Ridge, N.C.; Congaree Bancshares Inc. in Caycee, S.C.; Metro City Bank in Doraville, Ga.; Peoples Bancshares of TN Inc. in Madisonville, Tenn.; The Little Bank Inc. in Kinston, N.C.; and HomeTown Bankshares Corp. in Roanoke, Va.
The modified "Dutch" auctions — in which potential investors submit their bids in advance — will begin Oct. 22. The auctions will be available mainly to qualified institutional buyers and certain accredited institutional investors, Treasury said.
Treasury began auctioning off its stakes in smaller Tarp banks in May as part of its effort to wind down the bailout program. It still holds shares in 291 of the roughly 700 banks that received assistance through Tarp's Capital Purchase Program.