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Bid Summary
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Bank of the Commonwealth
Norfolk, VA
Closing Date: September 23, 2011
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| Bidder |
Type of Transaction |
Deposit Premium/(Discount) % |
Asset Premium/(Discount) $(000) |
SF Loss Share Tranche 1 |
SF Loss Share Tranche 2 |
SF Loss Share Tranche 3 |
Commercial Loss Share Tranche 1 |
Commercial Loss Share Tranche 2 |
Commercial Loss Share Tranche 3 |
Value Appreciation Instrument |
Conforming Bid |
Linked |
Winning bid and bidder:
Southern Bank and Trust, Mount Olive, NC |
All Deposit Whole Bank with Loss Share |
0.00% |
$(161,000) |
80% |
20% |
80% |
80% |
20% |
80% |
No |
Yes |
N/A |
| Cover Bid: none |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
| Other bid |
All deposit Whole Bank with Loss Share |
0.00% |
$(230,840) |
80% |
20% |
80% |
80% |
20% |
80% |
No |
Yes |
N/A |
| Other bid |
All deposit Whole Bank with Loss Share |
0.00% |
$(259,000) |
80% |
20% |
80% |
80% |
20% |
80% |
No |
Yes |
N/A |
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Other Bidder Names:
Bank of the Ozarks, Little Rock, AR
IberiaBank, Lafayette, LA
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Notes:
- The winning bidder's acquisition of all the 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. Bids for loss share, if any, were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- The cover bid is the bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
- The Other Bidder Names and the Other Bids are in random order. There is no linkage between bidder names and bids, except in the case of the winning bid.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html
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