Treasury completes seven more bank investments

The Treasury Department completed seven more bank investments, totaling $41.5 million.

Village Bank and Trust Financial Corp., of Midlothian, Va., sold $14.7 million worth of preferred stock to the government through the Troubled Asset Relief Program. The publicly traded company has 15 branches in four Virginia counties.

Village Bank's earnings for 2008 were down 53 percent from 2007, largely because of higher provisions for loan losses. The company posted a loss of $75,000 for the first quarter of 2009, compared to a profit of $93,000 a year earlier.

Security State Bank Holding Co., of Jamestown, N.D., got $10.7 million in taxpayer capital. The closely held company sold subordinated debentures to the government, in place of stock.

OSB Financial Services Inc., based in Orange, Texas, got $6.1 million in TARP funds. Georgia Primary Bank, of Atlanta, sold $4.5 million in stock to the government. HPK Financial Corp., the parent of Hyde Park Bank in Chicago, sold $4 million in stock.

Union Bank & Trust Co., of Oxford, N.C., received $3.19 million in taxpayer capital, while CenterBank in Milford, Ohio, got $2.25 million.