By Stephanie N. Rotondo
Phoenix, Oct. 24 - The U.S. Department of the Treasury auctioned off $12.6 million of series A and B fixed rate cumulative perpetual preferreds issued by Blue Ridge Bancshares Inc., the agency said in a press release on Wednesday.
The modified Dutch auction began early Monday and was completed late Tuesday.
The Treasury sold 12,000 of the series A preferreds at $755 per share, for proceeds of $9.06 million. Another 600 of the series B preferreds were sold at $912.11, equaling $547,266.
Total proceeds raised in the auction came to $9.61 million.
Blue Ridge, an Independence, Mo.-based bank, issued both series of the preferreds to the Treasury under the Troubled Asset Relief Program. The bank did not receive any proceeds from the sale.
Settlement is expected by Oct. 31.
| Issuer: | Blue Ridge Bancshares Inc.
|
|
|
| Series A
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| Securities: | Series A fixed rate cumulative preferreds
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| Amount: | $12 million
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| Maturity: | Perpetual
|
| Price: | $755.00 per share
|
| Liquidation preference: | $1,000 per share
|
| Settlement date: | Oct. 31
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|
|
| Series B
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| Securities: | Series B fixed rate cumulative preferreds
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| Amount: | $600,000
|
| Maturity: | Perpetual
|
| Price: | $912.11 per share
|
| Liquidation preference: | $1,000 per share
|
| Settlement date: | Oct. 31
|
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