The Treasury Department will receive $91 million from its latest auction.
The agency announced plans last week to auction nearly $118 million of securities from Centrue Financial in Ottawa, Ill.; DeSoto County Bank in Horn Lake, Miss.; First Banks in Clayton, Mo.; RCB Financial in Rome, Ga.; Reliance Bancshares in Frontenac, Mo.; and Severn Bancorp in Annapolis, Md.
The auction includes a few steep discounts. Because the Treasury failed to receive sufficient bids above the minimum price for Centrue's shares, the government will keep about 23% of its holdings in the company.
The sales are expected to close around Sept. 25.