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5/5/2020
Treasury Department Announces Intent To Sell Preferred Stock In Public Dutch Auction
U.S. DEPARTMENT OF THE TREASURY
Press Center
Treasury Department Announces Intent To Sell Preferred Stock In Public Dutch
Auction
9/5/2012
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 intention to conduct a public
auction of its preferred stock in Yadkin Valley Financial Corporation.
TARP's bank programs have already earned a significant profit for taxpayers. To date, Treasury has recovered $266 billion from TARP's
bank programs through repayments, dividends, interest, and other income – compared to the $245 billion initially invested. Treasury has
remaining outstanding CPP investments in 302 banks.
Treasury expects to commence the auction, which will be a registered public offering, on or about September 10, 2012. The offering will
be executed using a modified Dutch auction methodology that establishes a market price by allowing investors to submit bids at specified
increments similar to the process Treasury used to auction other CPP investments. More detailed guidance for the auction will be
available in the prospectus that will be filed by Yadkin Valley Financial Corporation prior to the opening of the auction.
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") and Sandler O'Neill + Partners, L.P. ("Sandler O'Neill") have been
retained as the auction agents and joint bookrunning managers for the offering.
If investors do not have an account with Merrill Lynch and/or Sandler O'Neill, they may be able to participate in the auction through their
own brokers, as a network of several dozen brokerage firms will be invited to aggregate suitable client orders and submit them to the
auction agents and bookrunners.
A registration statement relating to the preferred stock of Yadkin Valley Financial Corporation has been filed with the Securities and
Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the
time the registration statement becomes effective.
Prospective investors will be able to obtain copies of the prospectus relating to the securities, when available, from Merrill Lynch via email
at dg.prospectus_requests@baml.com or (800) 294-1322 or from Sandler O'Neill via email at syndicate@sandleroneill.com or (866) 8054128.
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