Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Bid Summary

Heritage Bank of North Florida, Orange Park, FL
Closing Date: April 19, 2013

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: FirstAtlantic Bank, Jacksonville, FL All deposit whole bank 0.00% $(24,950) N/A N/A N/A N/A N/A N/A No Yes N/A
Cover: First Resource Bank, Savage, MN All deposit whole bank with loss share 0.00% $(31,200) N/A N/A N/A 0% 80% N/A No Yes N/A
Other Bid:   All deposit whole bank with loss share 0.00% $(10,496) N/A N/A N/A 80% 80% N/A No Yes N/A
Other Bid:   All deposit whole bank 0.00% $(13,950) N/A N/A N/A N/A N/A N/A No No - 1,2 N/A
Other Bid:   All deposit whole bank with loss share 0.00% $(19,450) N/A N/A N/A 80% 80% N/A No No - 2 N/A
Other Bid:   All deposit whole bank with loss share 0.00% $(20,950) N/A N/A N/A 80% 80% N/A No No - 2,3 N/A
Other Bid:   All deposit whole bank with loss share 0.00% $(22,175) N/A N/A N/A 50% 50% N/A No Yes N/A
Other Bid: All deposit whole bank 0.00% $(24,900) N/A N/A N/A N/A N/A N/A No No - 1 N/A
Other Bid: All deposit whole bank with loss share 0.00% $(30,300) N/A N/A N/A 0% 80% N/A No Yes N/A
Other Bid: All deposit whole bank 0.00% $(32,100) N/A N/A N/A N/A N/A N/A No Yes N/A

Conforming Bid Notes:

1- Excludes all non-performing loans.
2- Requests one of the Bank's branches be consolidated into a nearby branch of bidder.
3- Requests that the loss share period for the Commercial Shared-Loss Agreement be shortened to three years for losses and five years for recovery, and for these periods to run concurrently.

Other Bidder Names & Locations:

Ameris Bank, Moultrie, GA
Centennial Bank, Conway, AR
CenterState Bank of Florida, Winter Haven, FL
CertusBank, N.A., Easley, South CA
FirstAtlantic Bank, Jacksonville, FL
First Resource Bank, Savage, MN

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 bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • 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 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

Back to top

Last Updated: April 15, 2022