By Stephanie N. Rotondo
Phoenix, Nov. 2 - The U.S. Department of the Treasury auctioned $11.76 million of series A, B and C fixed-rate cumulative perpetual preferreds issued by Western Illinois Bancshares Inc., the agency said in a press release on Friday.
The Monmouth, Ill.-based bank sold the securities under the Troubled Asset Relief Program. The modified Dutch auction began Wednesday and ended late Thursday.
The Treasury sold 6,855 shares of the series A preferreds at $942.90 per share, 343 of the series B preferreds at $987.77 each and 4,567 shares of the series C preferreds at $932.77 apiece.
Total proceeds came to $11.06 million.
The bank will not receive any of the proceeds.
Settlement is expected on or about Nov. 9 and Nov. 13.
| Issuer: | Western Illinois Bancshares Inc.
|
| Amount: | $11.76 million
|
| Proceeds: | $11.06 million
|
| Maturity: | Perpetual
|
| Par: | $1,000 per share
|
| Pricing dates: | Oct. 31 and Nov. 1
|
| Settlement dates: | Nov. 9 and Nov. 13
|
|
|
| Series A
|
| Securities: | Series A fixed-rate cumulative preferreds
|
| Amount: | $6,855,000 (6,855 shares)
|
| Price: | $942.90
|
|
|
| Series B
|
| Securities: | Series B fixed-rate cumulative preferreds
|
| Amount: | $343,000 (343 shares)
|
| Price: | $987.77
|
|
|
| Series C
|
| Securities: | Series C fixed-rate cumulative preferreds
|
| Amount: | $4,567,000 (4,567 shares)
|
| Price: | $932.77
|
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