Legacy Bank, Scottsdale, AZ
Closing Date: January 7, 2011
| Bidder | Type of Transaction | Deposit Premium % | 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: Enterprise Bank & Trust, Clayton, Missouri | Nonconforming all deposit whole bank with loss share (1) | 1.00% | $ (9,995) | 80% | 80% | NA | 80% | 80% | NA | Yes | No | N/A |
| Cover - Commerce Bank of Arizona, Tucson, Arizona | All deposit whole bank with loss share | 0.25% | $ (21,975) | 75% | 75% | N/A | 75% | 75% | N/A | No | Yes | N/A |
| Other bid | All deposit whole bank with loss share | 1.00% | $ (9,525) | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other bid | All deposit whole bank with loss share | 0.25% | $ (21,475) | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other bid | All deposit whole bank with loss share | 0.00% | $ (22,000) | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other bid | Nonconforming Whole Bank P&A (2) | 0.00% | $ (41,679) | N/A | N/A | N/A | N/A | N/A | N/A | No | No | N/A |
(1) Deemed nonconforming due to cap placed on Value Appreciation Instrument
(2) Deemed nonconforming since bid excluded all OREO.
Other Bidder Names:
Commerce Bank of Arizona, Tucson, Arizona
Enterprise Bank & Trust, Clayton, Missouri
SouthWest Bank, Odessa, Texas
Wedbush Bank, Los Angeles, California
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.
- The cover bid is the least costly bid after excluding all bids submitted by the winning bidder.
- 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 the cover bid.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html