GFP:
this is yet another smooth and very not in our face transfer of ownership from corporate banking and Federal Reserve in to Treasury Banking system, which includes The Office of the Postmaster General, Divine Province... Yes, this looks like a selloff of these 7 institutions, but it is gentle transer of ownership under We the People... Enjoy the show, PSG...
Treasury Department Announces Public Offering of Preferred Stock of Seven CPP Institutions
6/11/2012
- Taylor Capital Group, Inc., Rosemont, IL
- Ameris Bancorp, Moultrie, GA
- First Defiance Financial Corp., Defiance, OH
- Farmers Capital Bank Corp., Frankfort, KY
- LNB Bancorp Inc., Lorain, OH
- First Capital Bancorp Inc., Glen Allen, VA
- United Bancorp Inc., Ann Arbor, MI
The offerings are expected to price through a modified Dutch auction. Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and Sandler O’Neill + Partners, L.P. (“Sandler O’Neill”) are the auction agents and joint bookrunning managers for the offerings.
Merrill Lynch and Sandler O'Neill, in their capacity as auction agents, have specified that the auction will commence at 8:30 a.m., New York City time, on June 11, 2012, and will close at 6:30 p.m., New York City time, on June 13, 2012 (the “submission deadline”). During the auction period, potential bidders for the preferred stock will be able to place bids on the offered preferred stock (in increments of whole shares) at any price per share (in increments of $0.01) at or above the minimum prices set forth in the applicable preliminary prospectus supplements.
At settlement, winning bidders will be required to pay the clearing price for the preferred stock plus accrued and unpaid dividends on the preferred stock from and including May 15, 2012. Investors may bid on individual or multiple preferred stock positions
The auction procedure and terms of the respective preferred stock are described in the applicable preliminary prospectus supplements referenced below.
The preferred stock of Taylor Capital Group, Inc., Ameris Bancorp and First Defiance Financial Corp. is being offered pursuant to effective shelf registration statements that have been filed by the applicable issuer with the Securities and Exchange Commission (the “SEC”).
Registration statements relating to the preferred stock of Farmers Capital Bank Corp., LNB Bancorp Inc., First Capital Bancorp Inc. and United Bancorp Inc. have been filed with the SEC but have 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.
A preliminary prospectus supplement related to each offering will be filed by the applicable issuer with the SEC and will be available on the SEC’s website at http://www.sec.gov.
Copies of the final prospectus supplements relating to the offerings may be obtained, 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) 805-4128.
Before you invest, you should read the prospectus and prospectus supplement in the registration statement and other documents the applicable issuer has filed with the SEC for more complete information about the issuer and the preferred stock.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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http://www.treasury.gov/press-center/press-releases/Pages/tg1611.aspx
