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5/5/2020 Treasury Announces Intent to Sell Preferred Stock U.S. DEPARTMENT OF THE TREASURY Press Center Treasury Announces Intent to Sell Preferred Stock 10/4/2013 WASHINGTON – As part of its ongoing efforts to wind down and recover its remaining Capital Purchase Program (CPP) investments under the Troubled Asset Relief Program (TARP), the U.S. Department of the Treasury today announced its inten on to sell several preferred stock CPP investments. Treasury intends to conduct auc ons for all of its preferred stock (the CPP Securi es) in the following eight ins tu ons: • Bank of George (Las Vegas, NV); • Blue Valley Ban Corp. (Overland Park, KS); • Centrue Financial Corpora on (O awa, IL); • Eastern Virginia Bankshares, Inc. (Tappahannock, VA); • Liberty Shares, Inc. (Hinesville, GA); • Oregon Bancorp, Inc. (Salem, OR); • Spirit BankCorp, Inc. (Bristow, OK); and • Valley Community Bank (Pleasanton, CA). These auc ons are part of a series of auc ons that will include the CPP Securi es of the 53 financial ins tu ons included in Treasury’s December 18, 2012 announcement and are part of the overall strategy that Treasury outlined for winding down its remaining TARP bank investments in a way that protects taxpayer interests, promotes financial stability, and preserves the strength of our na on’s community banks. Treasury indicated that it intends to use a combina on of repayments, restructurings, and sales to manage and recover those remaining investments. TARP’s bank programs have already earned a significant profit for taxpayers. To date, Treasury has recovered almost $273 billion from TARP’s bank programs through repayments, dividends, interest, and other income – compared to the $245 billion ini ally invested. Approximately $2 billion of the repayments were refinanced under the Small Business Lending Fund (SBLF). Congress created the SBLF outside of TARP and required Treasury to let CPP ins tu ons repay TARP funds by borrowing under that program. Treasury has remaining outstanding CPP investments in 108 ins tu ons. For more details on Treasury’s life me cost es mates for TARP programs, please visit Treasury’s Monthly 105(a) Report to Congress on TARP here. Treasury expects to commence the auc ons, which will be offered principally to domes c qualified ins tu onal buyers and certain domes c ins tu onal accredited investors, on or about October 7, 2013. The auc ons are expected to close at 6:00 pm, New York City me, on October 10, 2013. These offerings will be executed using a modified Dutch auc on methodology that establishes a market price by allowing investors to submit bids at specified increments similar to the process Treasury used to auc on other CPP investments. The auc on procedures will not include the submission of “all or none” bids. The CPP Securi es that will be sold in the auc on have not been and will not be registered under the Securi es 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 registra on under, or an applicable exemp on from, the registra on requirements of the Act and applicable state securi es law. The CPP Securi es will be offered only to (1) domes c “qualified ins tu onal buyers” as defined in Rule 144A under the Act, (2) certain domes c ins tu onal “accredited investors” as defined in Rule 501(a) under the Act that have total assets of not less than $25,000,000 and (3) in certain cases, certain directors and execu ve officers of the respec ve issuers of the CPP Securi es. This press release does not cons tute an offer to sell or the solicita on of an offer to buy the CPP Securi es, and shall not cons tute an offer, solicita on or sale in any jurisdic on in which, or to any persons to whom, such offering, solicita on or sale would be unlawful. ### https://www.treasury.gov/press-center/press-releases/Pages/jl2180.aspx 1/2 5/5/2020 Treasury Announces Intent to Sell Preferred Stock https://www.treasury.gov/press-center/press-releases/Pages/jl2180.aspx 2/2
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