New Issue: Treasury sells $3.05 million of Santa Clara Valley's TARP preferreds

By Susanna Moon

Chicago, March 6 - The U.S. Department of the Treasury sold $3.05 million of series A and series B fixed-rate non-cumulative perpetual preferred stock issued by Santa Clara Valley Bank, NA in a modified Dutch auction.

The preferreds were issued under the Troubled Asset Relief Program.

The agency priced $2.9 million of series A preferreds at $850.01 per share. Another $145,000 of class B preferreds were priced at $850.01 per share.

The Treasury will receive all the proceeds.

Issuer:	Santa Clara Valley Bank, NA
Issuer:	Fixed-rate non-cumulative preferred stock
Amount:	$3,045,000
Proceeds:	$3,058,599.25
Par:	$1,000
Pricing date:	March 1
Settlement date:	March 11
Distribution:	Rule 144A
Class A preferreds
Amount:	$2,900,000
Shares:	2,900
Proceeds:	$2,465,029.00
Maturity:	Perpetual
Price:	$850.01
Class B preferreds
Amount:	$145,000
Shares:	145 shares
Proceeds:	$593,570.25
Maturity:	Perpetual
Price:	$850.01

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