New Issue: Treasury sells $11.29 million of Security State Bank's senior subordinated debt

By Stephanie N. Rotondo

Phoenix, June 14 - The U.S. Department of the Treasury priced at auction $11.29 million of senior subordinated debt securities issued by Security State Bank Holding Co., according to a press release.

The modified Dutch auction began Monday and ended Thursday. The $1,000-par securities were issued to the agency under the Troubled Asset Relief Program.

A total of $10.75 million of 7.7% debt securities due 2039 were priced at $1,166.01 each, while another $538,000 of 13.8% securities due 2039 sold for $1,352.50 each.

Total proceeds to the Treasury came to $13.26 million.

Security State Bank is based in Fargo, N.D.

Issuer:	Security State Bank Holding Co.
Anount:	$11,288,000
Proceeds:	$13,262,252
Pricing date:	June 13
Settlement date:	June 24
7.7% senior subordinated securities
Amount:	$10.75 million
Proceeds:	$12,534,607
Maturity:	2039
Coupon:	7.7%
Price:	$1,166.01
Liquidation preference:	$1,000
13.8% senior subordinated securities
Amount:	$538,000
Proceeds:	$727,645
Maturity:	2039
Coupon:	13.8%
Price:	$1,352.50
Liquidation preference:	$1,000

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