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 Treasury Department Announces Public Offering of Preferred Stock of Five CPP Institutions



WASHINGTON -- The U.S. Department of the Treasury announced today that it is commencing secondary public offerings of the preferred stock it holds in the following five institutions:

  • BNC Bancorp, High Point, North Carolina
  • First Community Corporation, Lexington, South Carolina
  • First National Corporation, Strasburg, Virginia
  • Guaranty Federal Bancshares, Inc., Springfield, Missouri
  • Mackinac Financial Corporation, Manistique, Michigan

The offerings are expected to price through a modified Dutch auction.  Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and Sandler O’Neill + Partners, L.P. (“Sandler O’Neill”) are the auction agents and joint bookrunning managers for the offerings. 

Merrill Lynch and Sandler O'Neill, in their capacity as auction agents, have specified that the auction will commence at 10:00 a.m., New York City time, on August 21, 2012, and will close at 6:30 p.m., New York City time, on August 23, 2012 (the “submission deadline”). During the auction period, potential bidders for the preferred stock will be able to place bids on the offered preferred stock (in increments of whole shares) at any price per share (in increments of $0.01) at or above the minimum prices set forth in the applicable preliminary prospectus supplements.

At settlement, winning bidders will be required to pay the clearing price for the preferred stock plus accrued and unpaid dividends on the preferred stock from and including August 15, 2012.  Investors may bid on individual or multiple preferred stock positions.

The auction procedure and terms of the respective preferred stock are described in the applicable preliminary prospectus supplements referenced below.

The preferred stock of each of the issuers is being offered pursuant to effective shelf registration statements that have been filed by the applicable issuer with the Securities and Exchange Commission (the “SEC”).

A preliminary prospectus supplement related to each offering will be filed by the applicable issuer with the SEC and will be available on the SEC’s website at

Copies of the final prospectus supplements relating to the offerings may be obtained, when available, from Merrill Lynch via email at or (800) 294-1322 or from Sandler O’Neill via email at or (866) 805-4128.

Before you invest, you should read the prospectus and prospectus supplement in the registration statement and other documents the applicable issuer has filed with the SEC for more complete information about the issuer and the preferred stock.

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.

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Washington, D.C. 20220

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