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Bid Summary
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New Horizons Bank
East Ellijay, GA
Closing Date: April 15, 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:
Citizens South Bank,
Gastonia, NC |
All deposit whole bank with loss share |
1.00% |
$(12,785)
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80% |
80% |
N/A |
80% |
80% |
N/A |
No |
Yes |
No |
| Cover: First American Bank and Trust Company, Athens, GA |
All deposit whole bank with loss share
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0.00% |
$(16,439) |
80% |
80% |
N/A |
80% |
80% |
N/A |
No |
Yes |
No |
| Other bids: None |
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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 least costly bid after excluding all bids submitted by the winning bidder.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html.
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