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Bid Summary

Bank of the Commonwealth
Norfolk, VA
Closing Date: September 23, 2011



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


Other Bidder Names:

Bank of the Ozarks, Little Rock, AR
IberiaBank, Lafayette, LA

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


Last Updated 10/09/2012 cservicefdicdal@fdic.gov