By Stephanie N. Rotondo
Phoenix, Oct. 24 - The U.S. Department of the Treasury sold $8.08 million of series A and B fixed rate cumulative perpetual preferreds issued by Metro City Bank of Doraville, Ga., the agency said in a press release on Wednesday.
The modified Dutch auction began early Monday and was completed late Tuesday.
The Treasury sold 7,700 shares of the series A preferreds at $900.10 per share for proceeds of $6.93 million. Another 385 shares of the series B preferreds were priced at $970.61 per share for proceeds of $373,685.
Total proceeds raised at auction were $7.3 million.
The financial institution issued both series of the preferreds to the Treasury under the Troubled Asset Relief Program. The bank did not receive any proceeds from the sale.
Settlement is expected by Oct. 31.
Issuer: | Metro City Bank
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Series A
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Securities: | Series A fixed rate cumulative preferreds
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Amount: | $7.7 million
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Maturity: | Perpetual
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Price: | $900.10 per share
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Liquidation preference: | $1,000 per share
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Settlement date: | Oct. 31
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Series B
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Securities: | Series B fixed rate cumulative preferreds
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Amount: | $385,000
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Maturity: | Perpetual
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Price: | $970.61 per share
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Liquidation preference: | $1,000 per share
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Settlement date: | Oct. 31
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