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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.

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