First Banking Center, Burlington, WI
Closing Date: November 19, 2010
Failed Bank Information for First Banking Center, Burlington, WI
| 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: First Michigan Bank, Troy, MI | All deposit whole bank with loss share | 0.50% | $ (57,434) | 80% | 30% | 80% | 80% | 0% | 80% | No | Yes | N/A |
| Cover (second place): State Bank of the Lakes, Antioch, IL | All deposit whole bank with loss share | 1.10% | $(78,700) | 80% | 80% | 80% | 80% | 80% | 80% | No | No | N/A |
| Other Bid | All deposit modified whole bank with loss share | 1.10% | $ (57,300) | 80% | 80% | 80% | 80% | 80% | 80% | Yes | No | N/A |
| Other Bid | All deposit modified whole bank with loss share | 1.10% | $ (77,500) | 80% | 20% | 80% | 80% | 0% | 80% | No | Yes | N/A |
| Other Bid | All deposit modified whole bank with loss share | 1.10% | $ (79,500) | 80% | 20% | 80% | 80% | 0% | 80% | Yes | Yes | N/A |
| Other Bid | All deposit modified whole bank with loss share | 1.10% | $ (81,000) | 80% | 0% | 80% | 80% | 0% | 80% | Yes | No | N/A |
| Other Bid | All deposit whole bank with loss share | 1.10% | $ (82,600) | 80% | 80% | 80% | 80% | 80% | 80% | No | No | N/A |
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.
- Because the Other Bids were submitted by one bidder, the Other Bidder Names are omitted from this disclosure.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.