Priority Bank Bradenton, FL Closing date: August 1, 2008
Bid: SunTrust Bank, Atlanta, GA for Clean Purchase
and Assumption, Insured Deposits Only - Deposit Premium of 0%,
together with LNV Corporation, Plano, TX bid for optional loan
No other conforming bids were received
- The winning bidder’s acquisition of the insured deposits
was the least costly resolution compared to a liquidation alternative.
The liquidation alternative was valued using valuation models to estimate
the market value of the assets.