CORRECT:US Treasury Expected To Earn $181 Million From Comerica Warrants Sale

Date : 05/07/2010 @ 10:44AM
Source : Dow Jones News
Stock : First Financial Bancorp. (MM) (FFBC)
Quote : 25.7  0.2 (0.78%) @ 4:44PM

CORRECT:US Treasury Expected To Earn $181 Million From Comerica Warrants Sale

Comerica (NYSE:CMA)
Historical Stock Chart

5 Years : From May 2012 to May 2017

Click Here for more Comerica Charts.

The U.S. Treasury Department announced Friday it stands to earn about $181.10 million from its sale of warrants to purchase common stock of Comerica Inc. (CMA).

Treasury sold roughly 11.5 million warrants at $16 each. The closing is expected to occur on or about May 12.

The department announced plans Tuesday to sell the warrants to purchase common stock of the Dallas bank for a minimum bid price of $15 each.

"This offering represents Treasury's sale of its remaining investment in the company," the department said in a statement.

The warrant auction is part of a U.S. effort to minimize losses on a controversial $700 billion financial-sector bailout that started in 2008. The Treasury announced plans last month to sell warrants in six banks, including Comerica. The federal government received the warrants in 2008 when it provided support to about 270 banks through Treasury's Troubled Asset Relief Program.

The other five banks are Wells Fargo & Co. (WFC), PNC Financial Services Group Inc. (PNC), Valley National Bancorp (VLY), Sterling Bancshares Inc. (SBIB) and First Financial Bancorp (FFBC).

The Treasury previously said it would collect $320 million from its auction of warrants to buy shares in PNC. Treasury has netted about $3 billion from auctions so far and has deals in the pipeline that could earn an additional $1.3 billion by the end of May.

-By Darrell A. Hughes, Dow Jones Newswires; 202-862-9255; darrell.hughes@dowjones.com

 
 

Latest FFBC Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.