U.S. Treasury Announces Auction of Stock in TARP Banks

The U.S. Treasury Department announced the beginning of public offerings to sell preferred stock from seven banks in the Troubled Asset Relief Program.

The Treasury said in a statement it would conduct auctions on 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 were to begin today at 8:30 a.m. and close on June 13, 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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.