|
Bid Summary
|
|
The Elizabeth State Bank
Elizabeth, IL
Closing Date: July 2, 2009
|
|
Winning Bidder:
Galena State Bank and Trust, Galena, IL
|
|
Winning Bid:
All deposits, whole bank with loss share – Asset Discount of $2.495
million, Deposit Premium 1%. |
|
|
Cover (second place)
Bidder:
Devon Bank, Chicago, IL
|
|
Cover Bid: All deposits, modified whole bank with loss share – Asset Discount of $5.9
million, Deposit Premium 0% |
|
|
Other Bidder:
Community Bank, Winslow, IL
Other Bid: All deposits, modified whole bank with loss share – Asset Discount of $6.125
million, Deposit Premium 0%. |
|
|
Notes:
- The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html
|
|
|
