June 28 (Bloomberg) -- 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. of Atlanta; Firstbank Corp. of Alma, Michigan; First Citizens Banc Corp. of Sandusky, Ohio; MetroCorp Bancshares Inc. of Houston; Peoples Bancorp of North Carolina Inc. of Newton, North Carolina; Pulaski Financial Corp. of St. Louis; and Southern First Bancshares Inc. 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.
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