Press Releases

Treasury Department Announces Auctions for Preferred Stock of Five Financial Institutions

(Archived Content)

WASHINGTON -- The U.S. Department of the Treasury announced today that it has commenced auctions for all of its Troubled Asset Relief Programs Capital Purchase Program preferred stock (the CPP Securities) in the following five institutions:
  • Citizens Bank & Trust Company, Established 1945 (Covington, LA);
  • CSRA Bank Corp. (Wrens, GA);
  • Metropolitan Capital Bancorp, Inc. (Chicago, IL);
  • Prairie Star Bancshares, Inc. (Olathe, KS); and
  • SouthFirst Bancshares, Inc. (Sylacauga, AL). 
The offerings are expected to price through a modified Dutch auction.  The auctions commenced at 9:00 a.m. Eastern Time, on June 15, 2015, and will close at 6:00 p.m. Eastern Time, on June 18, 2015 (the submission deadline).  During the auction period, potential bidders for the CPP Securities will be able to place bids on the offered CPP Securities (in increments of whole shares) at any price per share and in increments of $0.01 at or above the minimum prices set forth in the applicable bidder letter agreement provided to the potential bidders.  Investors may bid on individual or multiple CPP Securities.
The auction procedures are described in full in the applicable bidder letter agreement.  The CPP Securities that will be sold in the auction have not been and will not be registered under the Securities Act of 1933, as amended (the Act), and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Act and applicable state securities law.  The CPP Securities will be offered only to (1) domestic qualified institutional buyers as defined in Rule 144A under the Act, (2) certain domestic institutional accredited investors as defined in Rule 501(a) under the Act that have total assets of not less than $25,000,000 and (3) in certain cases, certain directors and executive officers of the respective issuers of the CPP Securities.  This press release does not constitute an offer to sell or the solicitation of an offer to buy the CPP Securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. 
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