The U.S. Treasury Department announced pricing for public offerings of preferred stock in seven banks in the Troubled Asset Relief Program. The Treasury said it expects the proceeds from the auction to be approximately $245 million.

”We’re pleased with the results of today’s auction, which enabled these community banks to replace temporary government support with new private capital, and keeps us on track to earn a positive return for taxpayers from Tarp’s bank programs in excess of $20 billion,” Tim Massad, Treasury assistant secretary for financial stability, said in a statement.

The Treasury said in the statement the auction was for preferred shares of the following banks: Ameris Bancorp of Moultrie, Georgia; Farmers Capital Bank Corp. of Frankfort, Kentucky; First Capital Bancorp Inc. of Glen Allen, Virginia; First Defiance Financial Corp. of Defiance, Ohio; LNB Bancorp Inc. of Lorain, Ohio; Taylor Capital Group, Inc. of Rosemont, Illinois; and United Bancorp Inc. of Ann Arbor, Michigan.

The stock offerings began June 11 and are expected to close on June 19, the Treasury said.

To contact the reporters on this story: Cheyenne Hopkins at Chopkins19@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net