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 Treasury Department Announces $62.0 Million in Proceeds from Pricing of Auctions of Preferred Stock of Fifteen Financial Institutions


11/20/2012

  

Auctions Part of Treasury’s Continued Efforts to Wind Down TARP’s Bank Programs 

 

Proceeds Deliver Additional Profit for Taxpayers on TARP’s Bank Programs

 

WASHINGTON – As part of the strategy it outlined for winding down its remaining Troubled Asset Relief Program (TARP) bank investments, the U.S. Department of the Treasury announced that it priced auctions of preferred stock (the “CPP Securities”) in the following fifteen institutions at the following prices:


Issuer and Security

Price per share*

Number of shares
to be
sold

Aggregate Gross Proceeds

Alaska Pacific Bancshares, Inc., Juneau, AK

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Series A

$892.61

4,781

$4,267,568.41

 

 

 

 

Bank of Commerce, Charlotte, NC

 

 

 

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

834.00

3,000

2,502,000.00

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B

834.00

150

125,100.00

 

 

 

2,627,100.00

Carolina Trust Bank, Lincolnton, NC

 

 

 

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

853.00

4,000

3,412,000.00

 

 

 

 

CBB Bancorp, Cartersville, GA

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Series A

934.10

2,644

2,469,760.40

Fixed Rate Cumulative Perpetual Preferred Stock, Series B

1,004.00

132

132,528.00

Fixed Rate Cumulative Perpetual Preferred Stock, Series C

930.02

1,753

1,630,325.06

 

 

 

4,232,613.46

Clover Community Bancshares, Inc., Clover, SC

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Series TS

872.90

3,000

2,618,700.00

Fixed Rate Cumulative Perpetual Preferred Stock, Series TW

926.81

150

139,021.50

 

 

 

2,757,721.50

Community Bancshares of Mississippi, Inc., Brandon, MS

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Class B  Nonvoting, Series UST-1, Liquidation Preference $10,000 Per Share

9,550.00

105

1,002,750.00

Fixed Rate Cumulative Perpetual Preferred Stock, Class B Nonvoting, Series UST/W-1, Liquidation Preference $10,000 Per Share

10,000.00

5

50,000.00

 

 

 

1,052,750.00

Community Business Bank, West Sacramento, CA

 

 

 

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

935.00

3,976

3,717,560.00

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B

965.00

199

192,035.00

 

 

 

3,909,595.00

Corning Savings and Loan Association, Corning, AR

 

 

 

Fixed Rate Non-Cumulative Perpetual Class A Series A Preferred Stock

Fixed Rate Non-Cumulative Perpetual Class B Series A Preferred Stock

860.00

638

32

548,680.00

 

905.00

 

28,960.00

 

 

 

577,640.00

Country Bank Shares, Inc., Milford, NE

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Series A

917.90

7,525

6,907,197.50

Fixed Rate Cumulative Perpetual Preferred Stock, Series B

1,000.00

376

376,000.00

 

 

 

7,283,197.50

FFW Corporation, Wabash, IN

Fixed Rate Cumulative Perpetual Preferred Stock, Series A

Fixed Rate Cumulative Perpetual Preferred Stock, Series B

 

 

7,289

364

 

902.90

6,581,238.10

995.00

362,180.00

 

 

 

6,943,418.10

Hometown Bancshares, Inc., Corbin, KY
Fixed Rate Cumulative Perpetual Preferred Stock, Series A

Fixed Rate Cumulative Perpetual Preferred Stock, Series B

 

 

1,900

95

 

1,791,510.00

95,095.00

942.90

1,001.00

 

 

 

1,886,605.00

KS Bancorp, Inc., Smithfield NC

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Series A

827.00

4,000

3,308,000.00

Fixed Rate Cumulative Perpetual Preferred Stock, Series B

827.00

200

165,400.00

 

 

 

3,473,400.00

Layton Park Financial Group, Inc., West Allis, WI

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Series A

790.31

3,000

2,370,930.00

Fixed Rate Cumulative Perpetual Preferred Stock, Series B

862.50

150

129,375.00

 

 

 

2,500,305.00

Parke Bancorp, Inc., Sewell, NJ

 

 

 

Fixed Rate Cumulative Perpetual Preferred Stock, Series A

719.11

16,288

11,712,863.68

 

 

 

 

TriSummit Bank, Kingsport, TN

 

 

 

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B

750.00

2,765

2,073,750.00

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C

912.50

138

125,925.00

Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D

750.00

4,237

3,177,750.00

 

 

 

5,377,425.00

 

 

 

 

*Reflects a liquidation preference of $1,000 per share, except for prices per share for Community Bancshares of Mississippi, Inc., which reflect a liquidation preference of $10,000 per share.

The aggregate gross proceeds to Treasury from the auctions are expected to be approximately $62.0 million.  At settlement, winning bidders will be required to pay the applicable clearing prices for the CPP Securities plus accrued and unpaid dividends on the CPP Securities.

“This successful auction continues our effort to wind down TARP in a way that helps strengthen our nation’s community banks and replaces temporary government support with private capital,” said Assistant Secretary for Financial Stability Timothy G. Massad.

TARP’s bank programs have already earned a significant profit for taxpayers.  Including the expected proceeds from the transactions announced today, Treasury has now recovered $267 billion from TARP’s bank programs through repayments, dividends, interest, and other income – compared to the $245 billion initially invested. Each additional dollar recovered from TARP’s bank programs is an additional dollar of profit for taxpayers.

These auctions are part of the strategy that Treasury outlined in May for winding down its remaining TARP bank investments in a way that protects taxpayer interests, promotes financial stability, and preserves the strength of our nation’s community banks.  Treasury indicated that it intends to use a combination of repayments, restructurings, and sales to manage and recover those remaining investments.

The closings for the auctions are expected to occur on or about November 29, 2012 and November 30, 2012, subject to customary closing conditions.  The offerings were priced through modified Dutch auctions. 

The CPP Securities were offered only to (1) domestic “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Act”), (2) certain domestic institutional “accredited investors” as defined in Rule 501(a) under the Act that have total assets of not less than $25,000,000 and (3) in certain cases, certain directors and executive officers of the issuers of the CPP Securities.  The CPP Securities sold in the auctions may not be offered or sold absent registration under, or an applicable exemption from, applicable securities law. 

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

For more details on Treasury’s lifetime cost estimates for TARP programs, please visit Treasury’s Monthly 105(a) Report to Congress on TARP at this link.

###​

 

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