Press Releases

Treasury Announces Completion of Private Auction to Sell Warrant Positions

(Archived Content)

WASHINGTON -- The U.S. Department of the Treasury announced today that it completed an auction to sell in private transactions its warrant positions in the 17 financial institutions listed below.  The auction was used to determine the clearing price for each warrant.
 
Financial Institution
Gross Proceeds
Underlying Shares
Bank of Marin Bancorp  
$1,703,984
154,907.60
CoBiz Financial Inc.
$143,677
895,968
Eagle Bancorp, Inc.
$2,794,422
385,434
Encore Bancshares
$637,071
364,026
F.N.B. Corporation
$690,100
651,042
First Bancorp (of North Carolina)
$924,462
616,308
First Busey Corporation
$63,677
573,833
First Community Bancshares, Inc.
$30,600
88,273
1st Constitution Bancorp
$326,576
231,782
First Merchants Corporation
$367,500
991,453
Horizon Bancorp
$1,750,551
212,188.01
Lakeland Financial Corp
$877,557
198,269
LCNB Corporation
$602,557
217,063
Middleburg Financial Corporation
$301,001
104,101
MidSouth Bancorp, Inc.
$206,557
104,384
Westamerica Bancorporation
$878,256
246,698.14
Western Alliance Bancorporation
$415,000
787,107
 
 
 
These institutions have already repaid the original amount of the investments made by Treasury under the terms of the Capital Purchase Program.  The aggregate net proceeds to Treasury from these transactions are expected to be approximately $12,213,548.  These proceeds provide an additional return to the American taxpayer from Treasury’s investment in these financial institutions beyond the repayments and dividend payments it received on the related preferred stocks.  The closings are expected to occur on or about November 23, 2011, subject to customary closing conditions.
 
The warrants that were the subject of 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.  Accordingly, the warrants were offered in private transactions only to (1) “qualified institutional buyers” as defined in Rule 144A under the Act, (2) the issuer and (3) a limited number of “accredited investors” affiliated with the issuer.  This press release does not constitute an offer to sell or the solicitation of an offer to buy the warrants or any other security (including the underlying shares of common stock), 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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