Bid Summary
Cooperative Bank, Wilmington, NC
Closing Date: June 19, 2009
Winning Bidder:
First Bank, Troy, NC
Winning Bid:
All deposits, whole bank with loss share – Asset Discount of $123 million, Deposit Premium 0%.
Cover (second place) Bidder:
First Citizens Bank & Trust Company, Raleigh, NC
Cover Bid:
All deposits, whole bank with loss share – Asset discount of $140 million, Deposit Premium 0%
Other Bidder Names & Locations:
None.
Other Bids:
None.
Notes:
- 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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html