Tuesday, August 28, 2012

Bank of North Carolina's bailout money sold at discount

The bailout investment the U.S. Treasury still held in BNC Bancorp has been sold at a discount, the U.S. Treasury said.

The $31.3 million in Troubled Asset Relief Program preferred stock the Bank of North Carolina parent held was auctioned off for a total of $28.4 million -- about an 8 percent discount.

However, the Treasury did not take a true loss on the deal since the bank had already paid about $5 million in dividend payments.

The Treasury announced two weeks ago that it would auction off the investment. The deal is set to close Wednesday.