The Treasury Department said it expects to generate $2.9 million from the sale of warrants to purchase the common stock of First Financial Bancorp in Cincinnati.
The Treasury priced the 465,117 warrants — which it received in return for its investment through the Troubled Asset Relief Program — for $6.70 per warrant at an auction Wednesday.
The proceeds provide an additional return to taxpayers from Treasury's initial investment in the $6.5 billion-asset company, the department said in a press release Thursday.
The sale is expected to close June 8.
First Financial received $80 million through the Capital Purchase Program in December 2008, and repaid the funds this past February.
Each warrant represents the right to buy one share of First Financial common stock for an exercise price of $12.90.