By Stephanie N. Rotondo
Phoenix, Nov. 8 - The U.S. Department of the Treasury priced $3.54 million of Madison Financial Corp.'s series B and C fixed-rate cumulative perpetual preferreds at auction, 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 3,370 shares of the series B preferreds were sold at $1,022.61 per share. Another 169 of the series Cs were sold at $1,230.05 per share.
Total proceeds came to $3.65 million.
The Treasury will receive all proceeds.
Madison Financial is a Richmond, Ky.-based financial institution.
| Issuer: | Madison Financial Corp.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 19
|
|
|
| Series B fixed-rate cumulative preferred stock
|
| Amount: | $3.37 million, or 3,370 shares
|
| Maturity: | Perpetual
|
| Price: | $1,022.61 per share
|
| Par: | $1,000
|
|
|
| Series C fixed-rate cumulative preferred stock
|
| Amount: | $169,000, or 169 shares
|
| Maturity: | Perpetual
|
| Price: | $1,230.05 per share
|
| Par: | $1,000
|
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