By Stephanie N. Rotondo
Phoenix, Nov. 8 - The U.S. Department of the Treasury priced via auction $5.48 million of Midtown Bank & Trust Co.'s series A and B fixed-rate noncumulative perpetual preferreds, according to a press release.
The preferreds were issued to the agency under the Troubled Asset Relief Program. The modified Dutch auction began on Monday and ended Thursday.
A total of 5,222 shares of the series A preferreds were sold at $600 per share. Another 261 of the series Bs were sold at $620.05 per share.
Total proceeds came to $3.29 million.
The Treasury will receive all proceeds.
Midtown Bank is an Atlanta-based financial institution.
| Issuer: | Midtown Bank & Trust Co.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 19
|
|
|
| Series A fixed-rate noncumulative preferred stock
|
| Amount: | $5.22 million, or 5,222 shares
|
| Maturity: | Perpetual
|
| Price: | $600 per share
|
| Par: | $1,000
|
|
|
| Series B fixed-rate noncumulative preferred stock
|
| Amount: | $261,000, or 261 shares
|
| Maturity: | Perpetual
|
| Price: | $620.05 per share
|
| Par: | $1,000
|
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