The government says it will auction warrants it holds for Illinois-based Wintrust Financial Corp. on Tuesday in the latest effort to recoup the costs of the $700 billion financial bailout.
The Treasury Department said it will sell 1.64 million warrants which will give buyers the right to buy Wintrust common stock at a fixed price. Treasury set a minimum bid price of $13.50 per warrant.
Treasury received the warrants when it provided Wintrust, headquartered in Lake Forest, with $250 million from the bailout fund at the height of the financial crisis in late 2008.
The bank has since paid back the support it received and sale of the warrants will sever its remaining ties with the government’s Troubled Asset Relief Program.
