By Tom Barkley
WASHINGTON--The Treasury Department is beginning the process of
auctioning shares it holds in 15 banks Friday, as it continues to
wind down programs dating to the 2008 financial crisis.
The Treasury is selling its preferred shares and subordinated
debt in the following banks, which received Troubled Asset Relief
Program funds:
--Alaska Pacific Bancshares Inc. (AKPB) of Juneau, Alaska
--Bank of Commerce (BONC) of Charlotte, N.C.
--Carolina Trust Bank (CART) of Lincolnton, N.C.
--CBB Bancorp of Cartersville, Ga.
--Clover Community Bankshares Inc. of Clover, S.C.
--Community Bancshares of Mississippi Inc., of Brandon,
Miss.
--Community Business Bank (CBBC) of West Sacramento, Calif.
--Corning Savings and Loan Association of Corning, Ark.
--Country Bank Shares Inc. of Milford, Neb.
--FFW Corp. (FFWC) of Wabash, Ind.
--Hometown Bancshares Inc. of Corbin, Ky.
--KS Bancorp Inc. (KSBI) of Smithfield, N.C.
--Layton Park Financial Group Inc. of West Allis, Wis.
--Parke Bancorp Inc. of Sewell, N.J.
--TriSummit Bank of Kingsport, Tenn.
The auctions begin at 9 a.m. Eastern time Friday and close at 6
p.m. Monday.
In total, TARP's bank programs have yielded nearly a $22 billion
profit on a $245 billion initial investment.
TARP, which also included rescues for the housing, auto and
insurance sectors, will likely end up costing taxpayers. But the
cost is projected to be far less than originally feared.
The Congressional Budget Office has estimated the final price
tag will be $24 billion, down from an estimate of $32 billion made
in the spring. The lower cost was due largely to an increase in
market value of the government's investment in insurer American
International Group Inc. (AIG).
Write to Tom Barkley at tom.barkley@dowjones.com