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Bid Summary
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New Liberty Bank
Plymouth, MI
Closing Date: May 14, 2010
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| Bidder |
Asset Discount |
Deposit Premium |
First Loss Tranche |
Type |
Winning:
Bank of Ann
Arbor, Ann Arbor, MI |
10.4955% |
0% |
0% |
All deposit whole bank with loss share |
| Cover
(second place)-First Michigan Bank, Troy, MI |
16.55% |
0% |
0% |
All deposit whole bank with loss share |
| 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 and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bid for loss share was 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, seehttp://www.fdic.gov/about/freedom/biddocs.html.
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