Monday, November 4, 2013

Gastonia bank's bailout investment to be sold at auction

The U.S. Treasury plans to auction off the bailout-era investment it made in Gastonia-based AB&T Financial, a sale that would make the company one of the final Charlotte-area banks to exit the program.

The parent company of Alliance Bank and Trust received $4 million in preferred stock from the government as part of the Troubled Asset Relief Program in early 2009. Over the past year and a half, the Treasury has sought to unwind its investments in community banks across the country -- many through auctions.

The auction is scheduled to begin Monday and end Thursday.

Provident Community Bancshares, based in Rock Hill, still has a $9 million investment from the Treasury on its books, according to Keefe, Bruyette and Woods.

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