The Elizabeth State Bank, Elizabeth, IL
Closing Date: July 2, 2009
Galena State Bank and Trust, Galena, IL
All deposits, whole bank with loss share - Asset Discount of $2.495 million, Deposit Premium 1%.
Cover (second place) Bidder:
Devon Bank, Chicago, IL
All deposits, modified whole bank with loss share – Asset Discount of $5.9 million, Deposit Premium 0%
Community Bank, Winslow, IL
All deposits, modified whole bank with loss share – Asset Discount of $6.125 million, Deposit Premium 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 http://www.fdic.gov/about/freedom/biddocs.html