Dickinson Financial, Citizens Bancsha...

Dickinson Financial, Citizens Bancshares TARP debt brings big losses at auction

There are 4 comments on the Business Journal story from Feb 8, 2013, titled Dickinson Financial, Citizens Bancshares TARP debt brings big losses at auction. In it, Business Journal reports that:

The U.S. Treasury took steep losses when it recently auctioned off the Troubled Asset Relief Program debt owed by Dickinson Financial Corp.

Join the discussion below, or Read more at Business Journal.

Bob

Chillicothe, MO

#1 Feb 11, 2013
Yet the folks at the top of these two institutions are probably still raking in $50.000 and up a year. Both should just be shut down. How are they even operating owing that much?
Bob

Chillicothe, MO

#2 Feb 11, 2013
And what a coincidence both have ties to Chillicothe. Guess even in the working sector, the Dickinsons can get what they want by paying...(or not paying) for it.
Papa

Chillicothe, MO

#3 Feb 11, 2013
Kansas City Business Journal

The U.S. Treasury took steep losses when it recently auctioned off the Troubled Asset Relief Program debt owed by Dickinson Financial Corp. and Citizens Bancshares Co.

The Treasury initiated an auction of the debt for 11 banks on Jan. 28, including Kansas City-based Dickinson Financial and Citizens Bancshares Co., based in Chillicothe, Mo.

Dickinson Financial owed the largest single amount in the auction,$146.05 million. The note was sold at auction for a loss of $65.34 million, or a 44.7 percent haircut, according to a report by SNL Financial. As of Dec. 31, Dickinson had missed 14 preferred dividend payments worth $27.9 million.

Dickinson Financial is the parent company of Armed Forces Bank and Academy Bank. It sold the traditional bank branch assets of Bank Midwest to NBH Holdings in December 2010. Citizens Bancshares is the parent of Citizens Bank & Trust.

Citizens Bancshares Co. owed $24.99 million to the federal government and missed 12 dividend and interest payments worth more than $4 million. Its note sold for the highest discount in the auction at only 48.75 percent of the original value, or a loss of $12.18 million.
ripped offs

Kansas City, KS

#4 Feb 11, 2013
needless to say that is why people need to take care of their money.

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