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Bid Summary

Covenant Bank & Trust
Rock Spring, GA
Closing Date: March 23, 2012



Bidder Type of Transaction Deposit Premium/(Discount) % 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:
Stearns Bank, National Association; St Cloud, MN
All deposit whole bank with loss share

0.00%

 

$(12,900) 80% 80% N/A 80% 80% N/A No Yes N/A
Cover - None                        
Other Bid All deposit modified whole bank with loss share 0.00% $(8,900) 80% 80% N/A 80% 80% N/A No No N/A
Other Bid All deposit whole bank with loss share 0.00% $(15,500) 80% 80% N/A 80% 80% N/A No No N/A
Other Bid All deposit whole bank with loss share 0.00% $(18,300) N/A N/A N/A N/A N/A N/A No No N/A
Other Bid All deposit whole bank with loss share 0.00% $(29,900) 0% 80% N/A 0% 80% N/A No No N/A


Other Bidder Names:

- Bank of the Ozarks; Little Rock, AR
- Stearns Bank, National Association; Saint Cloud, MN


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 http://www.fdic.gov/about/freedom/biddocs.html.



Last Updated 05/30/2012 cservicefdicdal@fdic.gov