Colonial Bank, Montgomery, AL
Closing Date: August 14, 2009
Branch Banking and Trust Company (BB&T), Winston-Salem, NC
All deposits, whole bank with loss share – Asset Discount of $1.462 billion for loss share assets, a price of 86.1% for consumer loans not covered under loss share, and a Deposit Premium of 2.77%.
Cover (second place) Bidder:
TD Bank, N.A., Portland, ME
All deposits, whole bank with loss share – Asset Discount of $1.7521 billion, Deposit Premium 2.50%.
Other Bidder Name & Location:
Branch Banking and Trust Company (BB&T)
All deposit, modified whole bank with loss share – Pool bids plus Deposit Premium of 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 www.fdic.gov/about/freedom/biddocs.html