Yesterday, Treasury released its current transactions report for the period ending May 18, 2010. The report reflects the proceeds of the previously announced auction of Valley National Bancorp warrants, and notes Treasury's agreement with The Toronto-Dominion Bank for the sale of all preferred stock and warrants issued by South Financial Group, Inc. to Treasury at an aggregate purchase price of $130,179,218.75 for the preferred stock and $400,000 for the warrants. Completion of that sale is subject to the fulfillment of certain closing conditions.
This morning Treasury also announced the pricing of its previously announced secondary public offering of 110,261,688 warrants to purchase common stock of Wells Fargo & Company at $7.70 per warrant. The aggregate net proceeds are expected to be $840,374,892, and the transaction is expected to close on or about May 26, 2010, subject to customary closing conditions.