The Treasury Department plans to auction seven more lenders' Troubled Asset Relief Program shares, with a total face value of about $90 million.
The auction began Monday and will run through Thursday, the Treasury announced. It is the latest in a series of auctions designed to wind down the Tarp program, which has 101 banks remaining, out of 707 that originally received funds.
The largest stake the Treasury plans to sell is its $38 million of preferred shares in Bridgeview Bancorp in Bridgeview, Ill., which were issued in December 2008. The second largest is a $16.2 million stake in Pacific City Financial in Los Angeles.
The Treasury also expects to sell its $14.7 million stake in Village Bank and Trust Financial in Midlothian, Va.; its $8.7 million stake in United American Bank in San Mateo, Calif.; its $5.2 million stake in Midtown Bank & Trust in Atlanta; its $3.5 million stake in AB&T Financial in Gastonia, N.C.; and its $3.4 million stake in Madison Financial in Richmond, Ky.
In its most recent auction, held in October, the Treasury netted $66 million for its preferred shares in seven other lenders.