New Issue: Treasury auctions $2.9 million SouthFirst Bancshares TARP preferreds

By Stephanie N. Rotondo

Phoenix, June 19 – The Department of the Treasury auctioned $2.9 million of series A and B fixed-rate cumulative perpetual preferred stock issued by SouthFirst Bancshares Inc., according to a press release.

The preferreds were sold to the Treasury as part of the Troubled Asset Relief Program. The modified Dutch auction began Monday and concluded late Thursday.

A total of 2,760 series A preferreds were sold for $986.25 per share. Another 138 series B preferreds were sold for $1,200.13 each.

Total proceeds to the Treasury came to $2.89 million.

SouthFirst is based in Sylacauga, Ala.

Issuer:	SouthFirst Bancshares Inc.
Securities:	Fixed-rate cumulative perpetual preferred stock
Amount:	$2,898,000
Proceeds:	$2,887,667.94
Pricing date:	June 18
Settlement date:	June 29
Series A preferreds
Amount:	$2.76 million, or 2,760 shares
Proceeds:	$2,722,050.00
Price:	$986.25
Par:	$1,000
Series B preferreds
Amount:	$138,000, or 138 shares
Proceeds:	$165,617.94
Price:	$1,200.13
Par:	$1,000

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