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Dennis Santiago

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Spring Cleaning: U.S. Treasury Announces Dutch Auction; FDIC Closes Two More Ailing Banks

Posted: 03/26/2012 2:01 pm

The U.S. Department of the Treasury announced today that it is commencing secondary public offerings of the preferred stock it holds in the following six institutions. For you users of the IRA Bank Monitor, here are the ID numbers to punch up to look at them,

2126977 -- BANNER CORPORATION
10 SOUTH FIRST AVENUE
WALLA WALLA, WA

1890507 -- FIRST FINANCIAL HOLDINGS, INC. ***
2440 MALL DRIVE
CHARLESTON, SC

1209109 -- MAINSOURCE FINANCIAL GRP
2105 NORTH STATE ROAD 3 BYPASS
GREENSBURG, IN

1085013 -- SEACOAST BANKING CORPORATION OF FLORIDA
815 Colorado Avenue
STUART, FL

17838 -- WILMINGTON SVG FUND SOCIETY
500 DELAWARE AVENUE
WILMINGTON, DE

3248513 -- WILSHIRE BANCORP, INC.
3200 WILSHIRE BOULEVARD
LOS ANGELES, CA

Yes, the ratings are a mixed bag. If you are pondering bidding on these Dutch auctions you should probably buy yourself a look-see. There are another 800 more of these CPP and other Federal bailout program preferred share packages out there.

Meanwhile, on the other side of the White House the FDIC closed two banks last Friday. Covenant Bank & Trust in Rock Spring, Georgia and Premier Bank in Wilmette, Illinois succumbed to long-time stresses. Both had been undercapitalized for some time and had troubled assets in excess of 20 percent of total assets by the time they were resolved. The forensic reports on these banks can be viewed at the links below,

Premier Bank
member of holding company PREMIER BANCORP, INC.
1210 CENTRAL AVENUE WILMETTE, IL, 60091
March 23, 2011
www.us1.irabankratings.com/pub/failedbank.asp?cert=35419

Covenant Bank & Trust
122 HIGHWAY 95 ROCK SPRING, GA, 30739
March 23, 2011
www.us1.irabankratings.com/pub/failedbank.asp?cert=58068

These stories are filed weekly as events continue to unfold.


*** Note: First Financial Holdings, Inc. is not covered in IRA Bank Monitor. FRB's NIC says no bank regulatory financial data available. Do your analysis using SEC filings for CIK ID 787075 instead.

 

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