Bid Summary
Chipola Community Bank, Marianna, FL
Closing Date: April 19, 2013
| 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: First Federal Bank of Florida, Lake City, FL |
All | 0.00 % | $ (3,699) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Cover: | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Bid: | All deposit Modified Whole Bank | 0.00 % | $ (5,200) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Other Bid: | All deposit Modified Whole Bank | 0.00 % | $ (5,200) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Other Bid: | All deposit Whole Bank | 0.00 % | $ (6,400) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Other Bid: | All deposit Whole Bank | 0.00 % | $ (6,400) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Other Bid: | All deposit Modified Whole Bank | 0.00 % | $ (8,110) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 2 | N/A |
| Other Bid: | All deposit Whole Bank | 0.00 % | $ (8,674) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 3 | N/A |
| Other Bid: | All deposit Modified Whole Bank | 0.00 % | $ (9,758) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Other Bid: | All deposit Whole Bank | 0.00 % | $ (10,848) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
Conforming Bid Notes:
1- Requests to purchase OREO for $1.0 million.
2- Excludes $3.3 million in additional loans.
3- Excludes $4.1 million in aditional loans.
Other Bidder Names & Locations:
SmartBank, Pigeon Forge, TN
Bank of Early, Blakely, GA
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.
- There are more bids than bidders because one or more bidders submitted more than one bid.
- 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.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html