Treasury Says $204 Million in Proceeds From TARP Auction

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) of Atlanta; Firstbank Corp. of Alma, Michigan; First Citizens Banc Corp. (FCZA) of Sandusky, Ohio; MetroCorp Bancshares Inc. (MCBI) of Houston; Peoples Bancorp of North Carolina Inc. of Newton, North Carolina; Pulaski Financial Corp. of St. Louis; and Southern First Bancshares Inc. (SFST) 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

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.