The Treasury is holding a first-ever Dutch auction of preferred stock investments in six banks in the Troubled Asset Relief Program.
The U.S. Department of Treasury has about $16.5 billion still invested in the financial sector as part of the government’s plan to stabilize the economy and bail out lenders following the 2008 subprime mortgage crisis. The auction would account for 2.5% of those remaining investments.
Here are the banks involved in the auction (followed by the amount to be auctioned, and today’s stock performance):
- Banner (BANR), a commercial and residential lender in the Pacific Northwest, based in Walla Walla, Washington ($124 million). Up 66 cents, or 3.14%, to $21.68.
- First Financial Holdings (FFCH), a lender to both consumers and businesses with a credit card operation, based in Charleston, South Carolina ($65 million). Down 20 cents, or nearly 2%, to $10.07.
- Wilshire Bancorp (WIBC), a Los Angeles-based holding company operating operates bank branches in New York, New Jersey, Colorado, Georgia, Texas and Virginia. ($62 million). Up 9 cents, or nearly 2%, to $4.70.
- MainSource Financial Group (MSFG), a state-chartered bank based in Greensburg, Indiana with branches in Illinois, Indiana, Ohio and Kentucky. ($57 million). Down 13 cents, or 1.1%, to $11.53.
- WSFS Financial (WSFS)Â the thrift holding company for the Wilmington Savings Fund Society, with lending and banking operations mostly in Delaware ($53 million). Down 35 cents, or 0.93%, to $37.25.
- Seacoast Banking (SBCF), a Florida-based retail bank that provides with lending and asset management services ($50 million). Down 2 cents, or 1.1%, to $1.79.
On March 8, the Treasury said it would sell 206,896,552 shares of American International Group (AIG) common stock at $29.00 per share, with expected proceeds of about $6.0 billion. The Treasury Department still holds about 1.2 billion shares, or about 70 percent, of AIG common stock.
This link will take you to the government’s official TARP site.
