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Treasury Announces Auctions for Preferred Stock and Subordinated Debt of Eight FIs

 

July 9 - The U.S. Department of the Treasury is commencing auctions for all of its Troubled Asset Relief Program’s Capital Purchase Program preferred stock and subordinated debt positions in the following eight institutions:

The offerings are expected to price through a modified Dutch auction. The auctions will commence at 9:00 a.m., New York City time, on July 8, 2013, and will close at 6:00 p.m., New York City time, on July 11, 2013 (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 or per $1,000 aggregate principal amount, as applicable) at any price per share or per $1,000 aggregate principal amount, as applicable, and in increments of 1 cent 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, 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 million and (3) in certain cases, certain directors and executive officers of the respective issuers of the CPP Securities. 

 


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