Updated with MainSource Financial Group's successful bid to purchase a portion of its TARP preferred shares from the U.S Treasury.
NEW YORK ( TheStreet) -- The U.S. Treasury on Thursday announced the results of its auction of preferred shares it held for six banks, with the bottom line being a $48.8 million loss for the government.
The Treasury was owed a combined $410.8 million by the six banks, and said "the aggregate net proceeds" to the government "from the six offerings are expected to be approximately $362 million," after expenses.
Two of the six banks bid on their own TARP preferred shares, and not surprisingly, wound up paying the highest prices:Wilshire Bancorp (WIBC - Get Report) of Los Angeles, owed $62.158 million in TARP money. The Treasury sold all 62,158 shares, with a par value of $1,000, for $943.51 a share. After expenses, the net proceeds were $58 million. Wilshire COF Alex Ko confirmed that the company "won 60,000 shares," with other bidders winning the remaining 2,158 shares. "We will make a total payment of $57,010,800, for the TARP shares and accrued dividends," he said, adding that the company was "very pleased about this; it was a great success, because the California Department of Financial Institutions and the Federal Deposit insurance Corp. quickly approved a dividend upstream from
- Banner Corp. (BANR - Get Report) of Walla Walla, Wash., owed $124 million in TARP money. The Treasury sold all 124,000 shares, with a par value of $1,000, for $884.82 a share, for net proceeds of $108 million, after expenses.
- First Financial Holdings (FFCH) of Charleston, S.C., owed the government $65 million. The Treasury sold all 65,000 shares, with a par value of $1,000, for $873.51 a share. After expenses, net proceeds were about $56 million.
- Seacoast Banking Corporation of Florida (SBCF - Get Report), of Stuart, owed the Treasury $50 million. The Treasury sold all 2000 shares, with a par value of $25,000, for $20,510 a share, with net proceeds of approximately $40 million.
- WSFS Financial (WSFS) of Wilmington, Del., owwed $52.625 million in TARP money. The Treasury sold all 52,625 shares, with a par value of $1,000, for $915.11 a share, with net proceeds of roughly $47 million.