US Treasury Earns Net $2.86 Billion Via Sterling Bancshares Warrant Auction

Date : 06/10/2010 @ 9:00AM
Source : Dow Jones News
Stock : First Financial Bancorp. (MM) (FFBC)
Quote : 25.7  -2.4 (-8.54%) @ 4:09PM

US Treasury Earns Net $2.86 Billion Via Sterling Bancshares Warrant Auction

Sterling Bancshares, Inc. (MM) (NASDAQ:SBIB)
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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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