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5/12/2020 Treasury Announces Completion of Private Auction to Sell Warrant Positions U.S. DEPARTMENT OF THE TREASURY Press Center Treasury Announces Completion of Private Auction to Sell Warrant Positions 11/18/2011 WASHINGTON -- The U.S. Department of the Treasury announced today that it completed an auction to sell in private transactions its warrant positions in the 17 financial institutions listed below. The auction was used to determine the clearing price for each warrant. Financial Institution Bank of Marin Bancorp CoBiz Financial Inc. Eagle Bancorp, Inc. Encore Bancshares F.N.B. Corporation First Bancorp (of North Carolina) First Busey Corporation First Community Bancshares, Inc. 1st Constitution Bancorp First Merchants Corporation Horizon Bancorp Lakeland Financial Corp LCNB Corporation Middleburg Financial Corporation MidSouth Bancorp, Inc. Westamerica Bancorporation Western Alliance Bancorporation Gross Proceeds $1,703,984 $143,677 $2,794,422 $637,071 $690,100 $924,462 $63,677 $30,600 $326,576 $367,500 $1,750,551 $877,557 $602,557 $301,001 $206,557 $878,256 $415,000 Underlying Shares 154,907.60 895,968 385,434 364,026 651,042 616,308 573,833 88,273 231,782 991,453 212,188.01 198,269 217,063 104,101 104,384 246,698.14 787,107 These institutions have already repaid the original amount of the investments made by Treasury under the terms of the Capital Purchase Program. The aggregate net proceeds to Treasury from these transactions are expected to be approximately $12,213,548. These proceeds provide an additional return to the American taxpayer from Treasury’s investment in these financial institutions beyond the repayments and dividend payments it received on the related preferred stocks. The closings are expected to occur on or about November 23, 2011, subject to customary closing conditions. The warrants that were the subject of the auction have not been and will not be registered under the Securities Act of 1933, as amended (the “Act”), and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Act and applicable state securities law. Accordingly, the warrants were offered in private transactions only to (1) “qualified institutional buyers” as defined in Rule 144A under the Act, (2) the issuer and (3) a limited number of “accredited investors” affiliated with the issuer. This press release does not constitute an offer to sell or the solicitation of an offer to buy the warrants or any other security (including the underlying shares of common stock), and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. https://www.treasury.gov/press-center/press-releases/Pages/tg1365.aspx 1/2 5/12/2020 Treasury Announces Completion of Private Auction to Sell Warrant Positions https://www.treasury.gov/press-center/press-releases/Pages/tg1365.aspx 2/2
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