For Immediate Release
Chicago, IL – March 8, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Bank of America Corp. (BAC), Goldman Sachs (GS), Washington Federal (WFSL), Texas Capital Bancshares (TCBI) and Signature Bank (SBNY).
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Here are highlights from Friday’s Analyst Blog:
U.S. Gets $1.5B from BofA Warrants
The Treasury has received net proceeds of $1.5 billion from the sale of warrants that entitled it to purchase common stock of Bank of America Corp. (BAC).
The Treasury received these warrants as part of its investment in BofA through the Troubled Asset Relief Program (TARP) during the height of the financial crisis. In Dec 2009, BofA repaid the entire $45 billion of bailout money it had received from the government.
The current move will completely free BofA from government intervention. This is the largest amount received by the Treasury from the sale of warrants of a single institution.
The amount received from the auction of BofA warrants exceeds $1.1 billion raised from the sale of Goldman Sachs (GS) warrants earlier.
The Treasury auctioned one tranche of warrants at $8.35 each and the other at $2.55 each. The 272.17 million warrants were sold by the Treasury in a modified Dutch auction as BofA and the government did not agree on an acceptable price.
BofA is the first among four banks whose warrants are scheduled to be sold via auctions this month. The three other banks are Washington Federal (WFSL), Texas Capital Bancshares (TCBI) and Signature Bank (SBNY).
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