Financial Crisis News Center

Pricing of Texas Capital Bancshares Warrants Announced

This story appeared in Bank Digest.

The Treasury Department has announced that it has priced a secondary public offering of 758,086 warrants to purchase common stock of Texas Capital Bancshares, Inc. at $8.85 per warrant. The aggregate net proceeds to the Treasury Department from the offering are expected to be $6,559,066. These proceeds provide an additional return to the American taxpayer from Treasury Department's investment in the Texas Capital Bancshares beyond the dividend payments it received on the related preferred stock. The closing is expected to occur on or about March 17, 2010, subject to customary closing conditions. The offering was priced through a modified Dutch auction. Deutsche Bank Securities Inc. was the sole book-running manager for the offering.

Treasury Releases Latest Capital Purchase Program Transactions

This story appeared in Bank Digest.

The Treasury Department has released the latest transactions completed under its Capital Purchase Program (CPP). As of March 11, 2010, the Treasury has received $130,179,721,000 in capital repayments making the Treasury's total CPP investment amount $72,385,489,320. In addition, $4,373,190,148 in warrant proceeds have been repurchased by financial institutions or sold by the Treasury as part of a registered public offering of the warrants issued by the financial institution.

Treasury Prices Signature Bank Warrants

This story appeared in Bank Digest.

The Treasury Department has announced the pricing of a secondary public offering of 595,829 warrants to purchase common stock of Signature Bank at $19.00 per warrant. The aggregate net proceeds to Treasury from the offering are expected to be $11,150,940. The closing is expected to occur on or about March 16, 2010, subject to customary closing conditions.

Treasury Announces Pricing of Public Offering of Warrants

This story appeared in Bank Digest.

The Treasury Department has announced that it priced a secondary public offering of 1,707,456 warrants to purchase common stock of Washington Federal, Inc., at $9.15 per warrant. The aggregate net proceeds to the Treasury from the offering are expected to be $15,388,874. These proceeds provide an additional return from the Treasury's investment in the company beyond the dividend payments it received on the related preferred stock. The closing is expected to occur on or about March 15, 2010, subject to customary closing conditions.

Public Offering of Warrants to Purchase Common Stock

This story appeared in Bank Digest.

The Treasury Department has announced the public offerings of warrants to purchase common stock of Washington Federal, Inc., Signature Bank and Texas Capital Bancshares, Inc. The proceeds of these sales are intended to provide an additional return to the American taxpayer from Treasury's investment in Washington Federal, Signature Bank and Texas Capital beyond the dividend payments it received on the related preferred stock.

Bank of America Warrant Prices Set

This story appeared in Bank Digest.

The Treasury Department has announced that it priced a secondary public offering of 150,375,940 warrants to purchase common stock of Bank of America Corporation at $8.35 per warrant and a secondary public offering of 121,792,790 warrants at $2.55 per warrant. The aggregate net proceeds to Treasury from the offerings are expected to be approximately $1.5 billion. The closings are expected to occur on or about March 9, 2010, subject to customary closing conditions. The offerings were priced through a modified Dutch auction.

Public Offerings of Bank of America Warrants Available

This story appeared in Bank Digest.

The Treasury Department has announced that it has commenced a secondary public offering of 150,375,940 warrants to purchase the common stock of Bank of America Corporation (BofA) and a secondary public offering of 121,792,790 warrants to purchase the common stock of BofA. The proceeds of these sales are intended to provide an additional return to the American taxpayer from Treasury's investment in BofA beyond the dividend payments it received on the related preferred stock.

Treasury Releases TARP Warrant Disposition Report

This story appeared in Bank Digest.

The Treasury Department has released a Troubled Asset Relief Program Warrant Disposition Report. This report provides an overview of the warrants received by the Treasury under the Capital Purchase Program of TARP as of Dec. 31, 2009, and an explanation of the warrant disposition process and the results achieved on behalf of taxpayers.

Treasury Announces Public Offering of JPMorgan Chase Warrants

This story appeared in Bank Digest.

The Treasury Department has announced a secondary offering of roughly 88,401,697 warrants to purchase JPMorgan Chase & Co. common stock. The offering is slated to price through a modified Dutch auction, and bidders can offer $8 or more per warrant, Treasury explained. Based on the figures provided, the sale could generate at least $707 million. “The proceeds of this sale will provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock,” Treasury said in a statement. The auction, run by Deutsche Bank, will start at 8 a.m., Eastern Time, on Dec. 10, 2009, and close at 6:30 p.m. that day, Treasury added.

COP Report Issued on TARP Repayments and Repurchase of Stock Warrants

This story appeared in Bank Digest.

The Congressional Oversight Panel (COP) has released its July oversight report, “TARP Repayments, Repayments, including Repurchase of Stock Warrants.” The report was issued in light of the fact that many banks that received financial assistance under the Troubled Assets Relief Program want to exit the TARP program by repaying their financial assistance and repurchasing their warrants from the Treasury Department.