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

Prosperan Bank, Oakdale, MN
Closing date: November 6, 2009

Winning Bidder:

Alerus Financial, N.A., Grand Forks, ND

Winning Bid:

All deposits, whole bank with loss share - Asset Discount of $19.29 million, Deposit Premium of 1.02%.

Cover (second place) Bidder:

Alerus Financial, N.A., Grand Forks, ND.

Cover Bid:

All deposits, whole bank with loss share - Asset Discount of $20.79 million, Deposit Premium 1.02%.

Other Bidder Names & Locations:

Central Bank, Stillwater,MN
PrinsBank, Prinsburg, MN

Other Bids:

All deposits, whole bank with loss share - Asset Discount of $28.58 million, Deposit Premium 0.25%.

All deposits, whole bank with loss share - Asset Discount of $37 million, Deposit Premium 0%.

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 bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • 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: November 19, 2020