Seacoast Banking Corporation (FL) (SBCF)

[56Chevy]

Speaking of smart investments...someone just made a quick $10MM.

"The Treasury auctioned off their Preferred shares to an "un-named investor". That new owner very smartly bought $50MM dollars worth of debt for $40MM dollars. That alone was an excellent investment..."

Seacoast Banking Corporation of Florida Announces the Redemption of All Outstanding Series A Preferred Stock

STUART, Fla., Jan. 2, 2014 /PRNewswire/ -- Seacoast Banking Corporation of Florida ("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast National Bank, announced that it has redeemed all of its 2,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") for an aggregate price of $50,000,000, the face liquidation amount of the shares, plus approximately $368,000 of accrued but unpaid dividends. Originally issued to the Treasury Department under the Capital Purchase program and subsequently auctioned to private investors, the shares were redeemed from current holders through The Depository Trust Company as securities depository for the Series A Preferred Stock.

http://ih.advfn.com/p.php?pid=nmona&article=60535044

*I wonder why the bank didn't just pay the Treasury $40MM and save the $10MM themselves. ":~O ??? curious stuff here.