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Bid Summary

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.


- 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.

Last Updated 04/02/2010 cservicefdicdal@fdic.gov