Treasury Department plans auction of eight banks' TARP preferreds

By Stephanie N. Rotondo

Phoenix, Oct. 4 - The U.S. Department of the Treasury has scheduled an auction of preferred stock issued by eight financial institutions, according to a press release.

The securities were issued to the agency as part of the Troubled Asset Relief Program. The modified Dutch auction will begin Monday and end at 6 p.m. ET on Thursday.

Participating banks include Bank of George of Las Vegas; Blue Valley BanCorp. of Overland Park, Kan.; Centrue Financial Corp. of Ottawa, Ill.; Eastern Virginia Bankshares of Tappahannock, Va.; Liberty Shares Inc. of Hinesville, Ga.; Oregon Bancorp of Salem, Ore.; Spirit BankCorp Inc. of Bristow, Okla.; and Valley Community Bank of Pleasanton, Calif.

The Treasury will receive all proceeds from the sale.

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