By Stephanie N. Rotondo
Phoenix, Dec. 4 - The U.S. Department of the Treasury sold $2.77 million of debt securities issued by Manhattan Bancshares Inc. under the Troubled Asset Relief Program.
Liquidation preference is $1,000 per security.
The Treasury sold $2.64 million of 7.7% cumulative senior subordinated securities due 2039 at $980.07 each and $132,000 of 13.8% cumulative senior subordinated warrant securities due 2039 at $1,002.61 each.
Total proceeds came to $2.72 million.
Manhattan Bancshares is based in Manhattan, Ill.
| Issuer: | Manhattan Bancshares Inc.
|
| Amount: | $2.77 million
|
| Proceeds: | $2.72 million
|
| Maturity: | 2039
|
| Settlement date: | Dec. 11
|
|
|
| Cumulative senior subordinated securities
|
| Amount: | $2.64 million
|
| Price: | $980.07 each
|
| Liquidation preference: | $1,000
|
| Interest rate: | 7.7%
|
|
|
| Cumulative senior subordinated warrant securities
|
| Amount: | $132,000
|
| Price: | $1,002.61
|
| Liquidation preference: | $1,000
|
| Interest rate: | 13.8%
|
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