WASHINGTON — The Treasury Department said Tuesday it plans to sell its 2.62 million warrants to buy Sterling Bancshares Inc. stock Wednesday.
The Treasury plans to sell the warrants in a modified Dutch auction underwritten by Deutsche Bank Securities. The minimum bid price on the warrants has been set at $0.85.
The Treasury received the warrants in exchange for providing the Houston-based bank with $125.2 million in funds from the Troubled Asset Relief Program in December 2008.
The warrants have a strike price of $7.18. Sterling shares were trading at about $4.87 Tuesday morning.
