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Bank Failures

Bid Summary for First Community Bank of Southwest Florida, Fort Myers, FL

First Community Bank of Southwest Florida, Fort Myers, FL
Closing Date: August 2, 2013

Failed Bank Information for First Community Bank of Southwest Florida, Fort Myers, FL

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)SF Loss Share Tranche 1SF Loss Share Tranche 2SF Loss Share Tranche 3Commercial Loss Share Tranche 1Commercial Loss Share Tranche 2Commercial Loss Share Tranche 3Value Appreciation InstrumentConforming BidLinked
Winning Bid and Bidder: 
C1 Bank, Saint Petersburg, FL
All deposit whole bank0.00%$(24,079)N/AN/AN/AN/AN/AN/ANoNo - 1N/A
Cover Bid: Iberiabank, Lafayette, LAAll deposit whole bank with loss share0.00%$(8,987)N/AN/AN/A80%80%N/ANoYesN/A
Other Bid:All deposit whole bank with loss share0.00%$(11,302)N/AN/AN/A80%0%N/ANoYesN/A
Other Bid:All deposit whole bank0.00%$(26,471)N/AN/AN/AN/AN/AN/ANoYesN/A
Other Bid:All deposit whole bank with loss share0.00%$(29,475)N/AN/AN/A80%80%N/ANoYesN/A
Other Bid:All deposit whole bank0.00%$(38,629)N/AN/AN/AN/AN/AN/ANoYesN/A
Other Bid:All deposit whole bank with loss share0.00%$(39,800)N/AN/AN/A80%80%N/ANoYesN/A
Other Bid:All deposit whole bank0.00%$(49,505)N/AN/AN/AN/AN/AN/ANoYesN/A
Other Bid:All deposit whole bank0.00%$(54,900)N/AN/AN/AN/AN/AN/ANoYesN/A
Other Bid:All deposit whole bank with loss share0.00%$(59,333)N/AN/AN/A0%80%N/ANoYesN/A
Other Bid:Insured deposit whole bank with loss share0.00%$(59,333)N/AN/AN/A0%80%N/ANoYesN/A

Conforming Bid Notes:

1- Excludes $2.7 million in loans.

Other Bidder Names & Locations:

American Momentum Bank, Tampa, FL 
C1 Bank, Saint Petersburg, FL 
Central Bank, Stillwater, MN 
First National Bank of the Gulf Coast, Naples, FL 
First Resource Bank, Savage, MN 
Iberiabank, Lafayette, LA 
Stearns Bank National Association, Saint Cloud, 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.
  • 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
  • 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 Failed Financial Institution Bid Disclosure Policy.

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Last Updated: December 20, 2021