The United States Department of the Treasury today priced secondary public offerings of cumulative perpetual preferred stock in seven financial institutions, with aggregate net proceeds to Treasury expected to be approximately $275 million. The preferred shares will be offered through modified Dutch auctions conducted by Merrill Lynch and Sandler O'Neill as representatives of the several underwriters, pursuant to effective shelf registration statements filed by the seven issuer companies.
Treasury acquired the preferred shares as part of the Troubled Assets Relief Program (TARP) established pursuant to the Emergency Economic Stabilization Act of 2008 (ESSA). EESA was enacted into law on October 3, 2008 to restore confidence and stabilize the volatility in the U.S. banking system and to encourage financial institutions to increase their lending to customers and to each other. Five of the prospectus pricing supplements were filed today by the following banks:
Ameris Bancorp, Form 424B4 (SEC file no. 333-180820)
First Defiance Financial Corp. Form 424B2 (file no. 333-180902)
LNB Bancorp, Inc. Form 424B1 (file no. 333-180906)
Taylor Capital Group, Inc. Form 424B2 (file no. 333-180892)
United Bancorp, Inc. Form 424B4 (SEC file no. 333-180883)
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