Treasury to auction TARP preferreds issued by seven banks on Monday

By Angela McDaniels

Tacoma, Wash., Nov. 1 - The Department of the Treasury will conduct another auction of preferred stock issued to it under the Troubled Asset Relief Program, according to a Treasury news release.

The auction will include the preferreds issued by the following institutions:

• AB&T Financial Corp. of Gastonia, N.C.;

• Bridgeview Bancorp, Inc. of Bridgeview, Ill.;

• Madison Financial Corp. of Richmond, Ky.;

• Midtown Bank & Trust Co. of Atlanta;

• Pacific City Financial Corp. of Los Angeles;

• United American Bank of San Mateo, Calif.; and

• Village Bank and Trust Financial Corp. of Midlothian, Va.

The Treasury expects the auctions to begin on Monday and close at 6 p.m. ET on Thursday.

These offerings will be executed using a modified Dutch auction methodology. The auction procedures will not include the submission of all-or-none bids.

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