Summit Bank, Prescott, AZ
Closing Date: July 15, 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:
The Foothills Bank, Yuma, AZ |
All deposit Whole bank | 0.25% | $(15,950) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Cover:
None |
||||||||||||
| Other Bid: | All deposit whole bank with loss share | 0.25% | $(7,650) | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | N/A |
Other Bidder Names & Locations:
Omitted from this disclosure
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.
- Because there was only one other bidder, the Other Bidder Name is omitted from this disclosure.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html