CORRECT: US Treasury Earns Net $2.86 Million In Sterling Bancshares Warrant Auction
June 10 2010 - 11:18AM
Dow Jones News
The U.S. will earn a net $2.86 million from its sale of 2.6
million warrants to purchase shares of Sterling Bancshares Inc.
(SBIB) stock, Treasury said Thursday.
A secondary offering priced at $1.15 per warrant, above the
minimum bid of 85 cents.
The deal, scheduled to close around June 15, "represents
Treasury's sale of its remaining investment in the company,"
Treasury said.
Treasury received the warrants in exchange for providing the
Houston-based bank with $125.2 million in funds from the Troubled
Asset Relief Program in December 2008.
Sterling shares closed Wednesday at $5, up 22 cents.
Sterling was the last warrant auction among six Treasury had
planned, with sales already conducted for First Financial Bancorp
(FFBC), Wells Fargo & Co. (WFC), PNC Financial Services Group
Inc. (PNC), Valley National Bancorp. (VLY) and Comerica Inc.
(CMA).
-By Tom Barkley, Dow Jones Newswires; 202-862-9275;
tom.barkley@dowjones.com
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