By Stephanie N. Rotondo
Phoenix, Oct. 11 - The U.S. Department of the Treasury sold at auction $24 milllion of series A fixed-rate cumulative perpetual preferreds issued by Eastern Virginia Bankshares Inc., according to a press release.
The shares were sold via a modified Dutch auction that began on Monday and ended Thursday. The Tappahannock, Va.-based bank issued the preferred shares to the Treasury under the Troubled Asset Relief Program.
A total of 24,000 shares were priced at $1,104.11 per share, resulting in total proceeds of $26.5 million.
The Treasury will take in all proceeds.
| Issuer: | Eastern Virginia Bankshares Inc.
|
| Securities: | Series A fixed-rate cumulative preferred stock
|
| Amount: | $24 million, or 24,000 shares
|
| Maturity: | Perpetual
|
| Par: | $1,000 per share
|
| Price: | $1,104.11 per share
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 21
|
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