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Bid Summary


McIntosh Commercial Bank
Carrollton, GA
Closing Date: March 26, 2010


Winning Bidder: CharterBank, West Point, GA

Winning Bid: All deposits, whole bank with loss share1 Asset Discount of $53 million; Deposit Premium 0%

Cover (second place) Bid: CharterBank, West Point, GA
Cover Bid: All deposits, whole bank with loss share – Asset Discount $58 million;
Deposit Premium 0%.

 

Other Bidder: United Bank, Zebulon, GA
Other Bid:
All deposits, whole bank with loss share - Asset Discount $59.2 million; Deposit Premium 0.51%.

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.

 

Footnotes:

1 Section 2.1(g) - Payment in the Event Losses Fail to Reach Expected Level - omitted from the Single Family Shared Loss Agreement and the Commercial and Other Assets Shared Loss Agreement.


Last Updated 08/12/2011 cservicefdicdal@fdic.gov