Reuters: Regulatory News: UPDATE 1-US Treasury raises $362 million from TARP stock sales

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UPDATE 1-US Treasury raises $362 million from TARP stock sales Mar 29th 2012, 13:08 Thu Mar 29, 2012 9:08am EDT WASHINGTON, March 29 (Reuters) - The U.S. Treasury Department on Thursday said it expects to raise $362 million from the sale of preferred stocks in six institutions it acquired at a cost of $411 million under the Troubled Asset Relief Program during the financial crisis. Treasury said it also received $65.4 million in dividend and interest on the stocks for total income of $426.4 million on the taxpayer-funded investments. "Today's auction is part of our ongoing efforts to wind down TARP," Assistant Secretary for Financial Stability Tim Massad said in statement. Treasury said it now has recovered $260 billion from the TARP program compared to the $245 billion it invested so "each additional dollar recovered from TARP's bank programs is an additional dollar of profit for taxpayers." The closing is expected to occur on or about April 3. Winning bidders will be required to pay the clearing price for the preferred stock, plus accrued and unpaid dividends from and including Feb 15. Treasury priced the stocks as follows: * Banner Corporation, Walla Walla, WA ("Banner"), all of its 124,000 shares priced at $884.82 per share (approximately $108 million net proceeds) * First Financial Holdings Inc, Charleston, SC ("First Financial"), all of its 65,000 shares priced at $873.51 per share (approximately $56 million net proceeds) * MainSource Financial Group Inc, Greensburg, IN ("MainSource"), all of its 57,000 shares priced at $931.11 per share (approximately $52 million net proceeds) * Seacoast Banking Corporation of Florida, Stuart, FL ("Seacoast"), all of its 2,000 shares priced at $20,510.00 per share (approximately $40 million net proceeds) * Wilshire Bancorp Inc, Los Angeles, CA ("Wilshire"), all of its 62,158 shares priced at $943.51 per share (approximately $58 million net proceeds) * WSFS Financial Corporation, Wilmington, DE ("WSFS"), all of its 52,625 shares priced at $915.11 per share (approximately $47 million net proceeds). Link this Share this Digg this Email Reprints

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