The Treasury Department plans next week to auction preferred shares in five banks that received a combined $84 million from the Troubled Asset Relief Program.
They are BNC Bancorp in High Point, N.C.; First Community Corp. in Lexington, S.C.; First National Corp. in Strasburg, Va.; Guaranty Federal Bancshares in Springfield, Mo.; and Mackinac Financial Corp. in Manistique, Mich.
The Treasury plans to start Dutch auctions as early as Tuesday. It started conducting auctions this year and recovered $265 billion from the $245 billion it initially invested, the agency said Friday. There are 304 banks still in Tarp.