The Treasury Department on Monday announced a public offering of warrants to buy stock in TCF Financial Corp.
The sale will begin today at 8 a.m. Eastern time and close at 6:30 p.m.
The Treasury will auction about 3.2 million warrants to purchase common stock of the bank. The agency obtained the warrants in exchange for aid it granted under the Troubled Asset Relief Program.
During the period, bids can be placed at any price at or above the minimum bid price of $1.50 a warrant.
On Friday the Treasury said the U.S. had sold its warrants to purchase common stock in JPMorgan Chase & Co., earning the government a net of $936.06 million.
It was the second time the Treasury went to auction with its Tarp warrants. A week earlier it auctioned warrants to purchase shares in Capital One Financial Corp., a Tarp recipient, for $146.5 million.