Bank of George is one of seven financial institutions nationwide to be included in priced auctions of preferred stock as the U.S. Department of Treasury winds down its remaining Troubled Asset Relief Program bank investments.
Treasury officials have priced Bank of George Series A shares at $357.50, while Series B was priced at $363.50. The federal agency will sell 2,672 of Series A shares valued at $955,240, while it will auction 134 Series B shares for $48,709.
The auction will raise a total of $1,003 million to repay the Treasury Department. As a result of the auction, the bank will have a new preferred shareholder, according to Ryan Sullivan, president and CEO of the Bank of George.
The closings for the auctions are expected to be completed by Monday. Sullivan said Tuesday the results of the bank’s stock auction are not settled.
Bank of George received $2.67 million in TARP funds in March 2009. The Las Vegas-based bank, which operates under a Federal Deposit Insurance Corp. consent order, has been restricted from repaying its TARP loan.
Bank of George, with branches in Las Vegas and Henderson, has $106.5 million in assets. The bank reported second-quarter net income of $162,000, its sixth consecutive quarter of profitability.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.