US Treasury To Offer Warrants For Equity In Valley National Bancorp
May 17 2010 - 8:59AM
Dow Jones News
The U.S. Treasury said Monday it has launched an offering of
warrants to buy equity in Valley National Bancorp (VLY).
The secondary public offering of 2.5 million warrants for common
stock of the Wayne, N.J.-based bank is part of Treasury's effort to
recoup part of the $700 billion financial-sector bailout.
The department set a minimum bid of $1.70 per warrant. The
auction will start Tuesday at 8 a.m. EDT and close at 6:30 p.m.
EDT.
Treasury recently announced plans to sell warrants in six banks,
including Valley National. The federal government received the
warrants in 2008 when it provided support to about 270 banks
through Treasury's Troubled Asset Relief Program.
Auctions have already been conducted for PNC Financial Services
Group Inc. (PNC) and Comerica Inc. (CMA). The other three banks are
Wells Fargo & Co. (WFC), Sterling Bancshares Inc. (SBIB) and
First Financial Bancorp (FFBC).
-By Tom Barkley, Dow Jones Newswires; 202-862-9275,
tom.barkley@dowjones.com
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