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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:

Other Bids:


-The winning bidders 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

Last Updated 08/09/2011 cservicefdicdal@fdic.gov