Treasury to begin auctions for preferreds of six banks on Monday

By Angela McDaniels

Tacoma, Wash., July 25 - The Department of the Treasury plans to conduct auctions for its preferred stock and subordinated debt positions in six more financial institutions, according to an agency news release.

The Capital Purchase Program investments were made under the Troubled Asset Relief Program.

The six institutions are

• Calvert Financial Corp. of Ashland, Mo.;

• Community Pride Bank Corp. of Ham Lake, Minn.;

• First Banks, Inc. of Clayton, Mo.;

• First Intercontinental Bank of Doraville, Ga.;

• Universal Bancorp of Bloomfield, Ind.; and

• Virginia Co. Bank of Newport News, Va.

The modified Dutch auctions are expected to begin Monday and end at 6 p.m. ET on Aug. 1.

The auction procedures will not include the submission of all or none bids.

The securities will be offered principally to domestic qualified institutional buyers and certain domestic institutional accredited investors.

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