WASHINGTON (Reuters) - The U.S. Treasury said on Monday that it plans to sell the preferred stock its holds in seven banks as part of the Obama administration’s effort to unwind its financial bailout program.
The Treasury said it plans to conduct a public auction to sell its stock in Fidelity Southern Corp (LION.O), Firstbank Corp FBMI.O, First Citizens Banc Corp FCZA.O, MetroCorp Bancshares MCBI.O, Peoples Bancorp of North Carolina (PEBK.O), Pulaski Financial Corp PULB.O and Southern First Bancshares (SFST.O).
It said the offerings are expected to price through a modified Dutch auction with Merrill Lynch and Sandler O‘Neill as book runners. The auction will commence at 10 a.m. on June 25 and close at 6:30 p.m. on June 27, the Treasury said.
Reporting by Timothy Ahmann; Editing by Chizu Nomiyama