U.S. Treasury Plans to Sell Preferred Stock in Six TARP Banks

The U.S. Treasury Department said it will sell preferred stock in six banks acquired during the financial crisis through the Troubled Asset Relief Program.

The Treasury said it would conduct public auctions to sell its stakes in Banner Corp. of Walla Walla, Washington; First Financial Holdings Inc. of Charleston, South Carolina; MainSource Financial Group Inc., of Greensburg, Indiana; Seacoast Banking Corporation of Florida, in Stuart, Florida; Wilshire Bancorp Inc. of Los Angeles; and WSFS Financial Corp. of Wilmington, Delaware.

Treasury expects to conduct the auctions on or about March 26, it said today in a release in Washington. The Treasury will use a modified Dutch auction methodology. Houlihan Lokey Capital Inc. is the Treasury’s financial adviser on the transactions.

To contact the reporter on this story: Chris Wellisz in Washington at cwellisz@bloomberg.net

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

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