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Bank Failures

Bid Summary

Pisgah Community Bank, Asheville, NC
Closing Date: May 10, 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:
Capital Bank, N.A.;
Rockville, MD		 All deposit modified whole bank 0.00% $(3,615) N/A N/A N/A N/A N/A N/A No No - 1 N/A
Cover: None N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Other Bid: All deposit whole bank 0.00% $(5,256) N/A N/A N/A N/A N/A N/A No Yes N/A
Other Bid: All deposit whole bank 0.00% $(5,355) N/A N/A N/A N/A N/A N/A No Yes N/A
Other Bid: All deposit modified whole bank 0.00% $(5,650) N/A N/A N/A N/A N/A N/A No No - 2 N/A
Other Bid: All deposit modified whole bank 0.00% $(6,300) N/A N/A N/A N/A N/A N/A No No - 2 N/A

Conforming Bid Notes:

1- Requests to close or sell the branch and/or deposits at any time 30 days after the acquisition date.
2- Requests to close the branch office within 120 days of the acquisition date.

Other Bidder Names & Locations:

Bank of North Carolina, Thomasville, NC
Capital Bank, N.A., Rockville, MD

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.
  • 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.
  • There are more bids than bidders because one or more bidders submitted more than one bid.
  • For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html

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Last Updated: December 16, 2021