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5/5/2020 Treasury Department Announces $51.1 Million In Proceeds From Pricing Of Auctions Of Preferred Stock And Subordinated Debt Of Four … U.S. DEPARTMENT OF THE TREASURY Press Center Treasury Department Announces $51.1 Million In Proceeds From Pricing Of Auctions Of Preferred Stock And Subordinated Debt Of Four Financial Institutions 4/4/2014 Auctions Part of Treasury’s Continued Efforts to Wind Down TARP’s Bank Programs Proceeds Deliver Additional Profit for Taxpayers on TARP’s Bank Programs WASHINGTON – As part of the strategy it outlined for winding down its remaining Troubled Asset Relief Program (TARP) bank investments, the U.S. Department of the Treasury announced that it priced auctions of preferred stock and subordinated debt (the “CPP Securities”) in the following four institutions at the following prices: Issuer and Security mmunity First, Inc., Columbia, TN Fixed Rate Cumulative Perpetual Preferred Stock, Series A Fixed Rate Cumulative Perpetual Preferred Stock, Series B Price per share or per $1,000 aggregate amount Number of shares or aggregate principal amount to be sold Aggregate Gross Proceeds $300.50 17,806 $5,350,703.00 $521.75 890 $464,357.50 $5,815,060.50 eeport Bancshares, Inc., Freeport, IL 7.7% Senior Subordinated Securities Due 2039 13.8% Senior Subordinated Securities Due 2039 $1,006.51 $1,011.81 $3,000,000.00 $150,000.00 $3,019,530.00 $151,771.50 $3,171,301.50 eat River Holding Company, Baxter, MN 7.7% Senior Subordinated Securities Due 2039 13.8% Senior Subordinated Securities Due 2039 $1,193.00 $1,505.55 $8,400,000.00 $420,000.00 $10,021,200.00 $632,331.00 $10,653,531.00 $1,142.03 26,038 $29,736,177.14 $1,304.61 1,302 $1,698,602.22 31,434,779.36 triot Bancshares, Inc., Houston, TX Fixed Rate Cumulative Perpetual Preferred Stock, Series B Fixed Rate Cumulative Perpetual Preferred Stock, Series C The aggregate gross proceeds to Treasury from the auctions are expected to be approximately $51.1 million. “Through repayments, our auctions, and other efforts, taxpayers have now recovered $28 billion more than was invested through the bank support programs,” said Acting Assistant Secretary for Financial Stability Timothy Bowler. “Treasury has made significant progress towards winding down the programs that helped prevent the economy from falling into a second Great Depression, and we will continue to balance the speed of our exit with maximizing returns for taxpayers.” TARP’s bank programs have already earned a significant profit for taxpayers. Including the expected proceeds from the transactions announced today, Treasury has now recovered more than $273 billion from TARP’s bank programs through repayments, dividends, interest, and other income – compared to the $245 billion initially 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 institutions repay TARP funds by borrowing under that program. Each additional dollar recovered from TARP’s bank programs is an additional dollar of profit for taxpayers. The vast majority of the more than $273 billion in funds recovered to date are from repayments at par, as well as dividends, interest, and sales of warrants. Proceeds from CPP preferred stock and subordinated debt auctions comprise less than one percent (approximately $3 billion) of that overall total (over $273 billion). These auctions are part of the strategy that Treasury outlined in May 2012 for winding down its remaining TARP bank investments in a way that protects taxpayer interests and preserves the strength of our nation’s community banks. Treasury indicated that it intends to use a combination of repayments, restructurings, and sales to manage and recover those remaining investments. The closings for the auctions are expected to occur on or about April 14, 2014, subject to customary closing conditions. The offerings were priced through modified Dutch auctions. The CPP Securities sold in 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. The CPP Securities were offered only to (1) domestic “qualified institutional buyers” as defined in Rule 144A under the Act, (2) certain domestic institutional “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 executive officers of the respective issuers of the https://www.treasury.gov/press-center/press-releases/Pages/jl2346.aspx 1/2 5/5/2020 Treasury Department Announces $51.1 Million In Proceeds From Pricing Of Auctions Of Preferred Stock And Subordinated Debt Of Four … CPP Securities. This press release does not constitute an offer to sell or the solicitation of an offer to buy the CPP Securities, 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. For more details on Treasury’s lifetime cost estimates for TARP programs, please visit Treasury’s Monthly 105(a) Report to Congress on TARP at this link. To see how Treasury has invested and recovered TARP funds, please see the interactive TARP Tracker here. ### https://www.treasury.gov/press-center/press-releases/Pages/jl2346.aspx 2/2
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