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Bid Summary

First Federal Bank of North Florida
Palatka, FL
Closing Date: April 16, 2010



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:
TD Bank, N.A., Wilmington,
DE
All deposit whole
bank with loss share
0.00% 0.000% 50% 80% N/A 50% 80% N/A No No (1) Yes
Cover (second place): CenterState Bank of Florida, N.A.,
Winter Haven, FL
All deposit whole
bank with loss share
1.00% -6.652% 80% 80% N/A 80% 80% N/A No Yes No
Other Bid All deposit whole
bank with loss share
0.00% 0.000% 50% 80% N/A 50% 80% N/A No No (1) Yes
Other Bid All deposit whole
bank with loss share
0.00% 4.100% 80% 80% N/A 80% 80% N/A No Yes Yes
Other Bid All deposit whole
bank with loss share
0.00% 4.100% 80% 80% N/A 80% 80% N/A No Yes Yes
Other Bid All deposit whole
bank with loss share
1.00% -6.844% 80% (4) 80% N/A 80% 80% N/A No Yes No
Other Bid All deposit whole
bank with loss share
1.00% -9.030% 80% 80% N/A 80% 80% N/A No Yes Yes
Other Bid All deposit whole
bank with loss share
1.00% -9.030% 80% 80% N/A 80% 80% N/A Yes Yes Yes
Other Bid All deposit whole
bank with loss share
0.00% -11.500% 80% (3) 80% N/A 80% 80% N/A No No (2) Yes
Other Bid All deposit whole
bank with loss share
0.00% -11.500% 80% (3) 80% N/A 80% 80% N/A No No (2) Yes
Other Bid All deposit whole
bank with loss share
0.00% -12.340% 80% 80% N/A 80% 80% N/A Yes Yes Yes
Other Bid All deposit whole
bank with loss share
0.00% -12.340% 80% 80% N/A 80% 80% N/A Yes Yes Yes
Other Bid All deposit whole
bank with loss share
0.00% -12.340% 80% 80% N/A 80% 80% N/A Yes Yes Yes
Other Bid All deposit whole
bank with loss share
0.00% -12.340% 80% 80% N/A 80% 80% N/A Yes Yes Yes
Other Bid All deposit whole
bank with loss share
0.00% -18.240% 80% 80% N/A 80% 80% N/A No Yes No
Other Bid Insured deposit
whole bank with loss
share
0.00% -18.240% 80% 80% N/A 80% 80% N/A No Yes No


Other Bidder Names:

Branch Banking & Trust Company, Winston Salem, NC
Centennial Bank, Conway, AR
CenterState Bank of Florida, N.A., Winter Haven, FL
First Federal Bank of Florida, Lake City, FL
TD Bank, N.A., Wilmington, DE


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. If any bids were received that would have been more costly than liquidation they have been excluded from this summary.

- There are more bids than bidders because one or more bidders submitted more than one bid.

- 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 and cover bid.

- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html.

(1) Non-Conforming due to reduction of Intrensic Loss from $88 million to $58 million, modification of Loss Share % to 50/50 up to new IL and modification of True Up provision

(2) Non-Conforming due to modification of True Up provision

(3) The bid includes a component whereby the bidder will cover 100% of the initial losses incurred up to 23.1% of the total book value of loss share assets. Once this amount of losses is absorbed by the acquirer, the loss share structure shown above becomes effective.

(4) The bid includes a component whereby the bidder will cover 100% of the initial losses incurred up to 0.283% of the total book value of loss share assets. Once this amount of losses is absorbed by the acquirer, the loss share structure shown above becomes effective.








Last Updated 01/15/2013 cservicefdicdal@fdic.gov