By Stephanie N. Rotondo
Phoenix, Jan. 30 - The U.S. Department of the Treasury auctioned $26 million of HMN Financial Inc.'s $1,000-par series A fixed-rate cumulative preferred stock issued under the Troubled Asset Relief Program.
The modified Dutch auction began Monday and ended Tuesday.
A total of 26,000 shares of the series A preferreds were priced at $721.50 per share.
Total proceeds came to $18.76 million.
The Treasury will receive all proceeds.
HMN Financial is a Rochester, Minn.-based financial institution.
| Issuer: | HMN Financial Inc.
|
| Securities: | Series A fixed-rate cumulative preferred stock
|
| Amount: | $26 million, or 26,000 shares
|
| Proceeds: | $18,759,000
|
| Maturity: | Perpetual
|
| Price: | $721.50 per share
|
| Par: | $1,000
|
| Pricing date: | Jan. 29
|
| Settlement dates: | Feb. 7-8
|
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