Bloomberg News

Treasury Says $204 Million in Proceeds From TARP Auction

June 28, 2012

The U.S. Treasury Department announced proceeds of $204 million from a public offering of preferred stock it holds in seven banks as part of the Troubled Asset Relief Program.

The Treasury said in a statement today that it received a profit from an auction of its stock positions in Fidelity Southern Corp. (LION:US) of Atlanta; Firstbank Corp. of Alma, Michigan; First Citizens Banc Corp. (FCZA:US) of Sandusky, Ohio; MetroCorp Bancshares Inc. (MCBI:US) of Houston; Peoples Bancorp of North Carolina Inc. of Newton, North Carolina; Pulaski Financial Corp. of St. Louis; and Southern First Bancshares Inc. (SFST:US) of Greenville, South Carolina.

Under TARP, originally approved by Congress in 2008 as a $700 billion dollar program to rescue financial institutions, the Treasury put cash into banks in exchange for equity stakes.

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

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


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Companies Mentioned

  • LION
    (Fidelity Southern Corp)
    • $15.97 USD
    • 0.11
    • 0.69%
  • FCZA
    (First Citizens Banc Corp)
    • $10.35 USD
    • 0.21
    • 2.03%
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