Bid Summary
BankFirst, Sioux Falls, SD
Closing Date: July 17, 2009
Winning Bidder:
Alerus Financial, National Association, Grand Forks, ND
Winning Bid:
All deposits P&A - Deposit Premium 0.325%.
There were no other bids for the deposits. There were other bids for optional loan pools.
Notes:
- The winning bidder's acquisition of all the deposits and the sales of the optional loan pools 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.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html