YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
“While Commerce considers auction-rate securities to be high-quality, investment-grade instruments with a fair rate of return, in February of this year, the auction-rate securities market became illiquid and auctions failed,” the Kansas City-based bank said in a news release.
Between Aug. 25 and Sept. 30, Commerce will buy back all of its customers’ auction-rate securities bought from Commerce at par value. The difference between the purchase price and the market value of the securities is estimated to be about $28 million, the release said. Commerce’s pre-tax loss will depend on the actual market value of the securities and how many are purchased.
About 140 Commerce customers hold an estimated $545 million in auction-rate securities where auctions are failing, the release said.
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