US Treasury to net $11.15 mln on Signature warrants

WASHINGTON, March 11 (Reuters) - The U.S. Treasury said on Thursday it expects to take in net proceeds of $11.15 million from the auction of warrants in New York-based Signature Bank (SBNY.O), which were priced at $19 each.

The modified Dutch auction on Wednesday of 595,829 warrants to purchase common stock in the bank represented the sale of the Treasury's remaining investment in Signature Bank. It is expected to close on March 16.

Treasury received the warrants as part of capital investments it made in Signature and other financial institutions under the Troubled Asset Relief Program.

The warrants were meant to allow taxpayers to share in the banking sector's recovery after hundreds of billions of dollars in bailout investments.

"These proceeds provide an additional return to the American taxpayer from Treasury's investment in the company beyond the dividend payments it received on the related preferred stock," the Treasury said in a statement. (Reporting by David Lawder; Editing by James Dalgleish)