The Treasury Department plans to auction stakes in eight more banks as it continues winding down the Troubled Asset Relief Program.
The Treasury was set to begin selling the shares, which have a combined face value of about $112 million, on Monday; the auction is scheduled to end Thursday. The shares are being offered to institutional investors, entities with $25 million or more in assets and directors and officers of the banks that issued them.
The largest of the eight stakes is $30 million of preferred shares in Spirit BankCorp in Bristow, Okla. The next largest are $24 million of shares in Eastern Virginia Bankshares in Tappahannock, Va., and $21.8 million of shares in Blue Valley Ban Corp. in Overland Park, Kan.
The Treasury will also auction stakes of $17.3 million in Liberty Shares in Hinesville, Ga.; $7.4 million in Centrue Financial Corp. in Ottawa, Ill.; $5.5 million in Valley Community Bank in Pleasanton, Calif.; $3.2 million in Oregon Bancorp in Salem; and $2.7 million in Bank of George in Las Vegas.
The Treasury has been auctioning its remaining Tarp shares as it attempts to close the five-year-old program. The Treasury still holds stakes in 119 of the 707 institutions that participated in the Capital Purchase Program, the part of Tarp through which the Treasury issued cash in exchange for preferred shares, the department said in its latest report to Congress. It has auctioned its stakes in 146 lenders so far, it said.