US Earns $5.42 Million In Valley National Bancorp Warrant Auction
May 19 2010 - 9:01AM
Dow Jones News
The U.S. is adding another $5.42 million to its tally of
earnings from auctions of warrants to buy shares in banks that
received taxpayer bailouts.
The U.S. Treasury said Wednesday that it sold 2.5 million
warrants to purchase common shares in Valley National Bancorp.
(VLY) for $2.20 each, a figure expected to earn the Treasury $5.42
million.
The warrants have a strike price of $17.77.
The sale, expected to close May 24, is the latest of many held
by the Treasury in the past several months. The Treasury has been
selling its warrant stakes as banks have been repaying loans from
the government.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629;
meena.thiruvengadam@dowjones.com
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