The U.S. Treasury said Monday an auction of about 2.9 million warrants to purchase Boston Private Financial Holdings Inc. (BPFH) common stock will begin Tuesday morning.

The warrants will be sold through a Dutch auction method that sets a market price by allowing investors to submit bids above a minimum price of $1.40 per warrant.

The auction will start at 8 a.m. EST Tuesday, and bidders have until 6:30 p.m. to submit bids. Deutsche Bank Securities is the sole book-runner in the deal.

Shares of the Boston-based financial services company closed up 5.3% on Friday at $6.72.

Treasury received the warrants in consideration for investments made under the Troubled Asset Relief Program, created to help bail out Wall Street during the financial crisis. Treasury infused financial firms with cash in exchange for ownership stakes in the companies.

Last week, Treasury conducted an auction of 465.1 million warrants of Citigroup Inc. (C). The Citi auction, expected to close Monday, is expected to result in net proceeds of $312.2 million.

-By Tom Barkley, Dow Jones Newswires; 202-862-9275, tom.barkley@dowjones.com
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