The Department of the Treasury is planning to auction off its stake in twelve more banks as it works to slow down the Troubled Asset Relief Program (TARP). It has already held three auctions and recovered USD 204 million of its initial USD 224 million investment.
The agency will now auction preferred stock and subordinated debt for First Western Financial, CBS Banc-Corp., Exchange Bank, Market Street Bancshares, Fidelity Financial, Marquette National, Premier Financial Bancorp, Diamond Bancorp, Park Bancorp, Trinity Capital, First Community Financial and Commonwealth Bancshares. These banks had received a combined USD 322 million through December 2008 - 2009 under Tarp. The Department of the Treasury informed that its modified Dutch auction should take place on 23 July.