Beach First National Bank
Myrtle Beach, S.C.
Closing Date: April 9, 2010
Winning Bidder: Bank of North Carolina, Thomasville, NC
Winning Bid: All deposits, whole bank with loss share – Asset Discount 11.084%; Deposit Premium 0%.
Cover (second place) Bidder: First Bank, Troy, NC
Cover Bid: All deposits, whole bank with loss share – Asset Discount 15.95%; Deposit Premium 0%.
Other Bidder: First Citizens Bank and Trust Company, Inc., Columbia, SC
Other Bids: All deposits, whole bank with loss share - Asset Discount 19.33%; Deposit Premium 0%.
- 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.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html