Bid Summary
First CornerStone Bank, King of Prussia, PA
Closing Date: May 6, 2016
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/ (Discount) $(000) | Optional Loan Pool (SFR) (% of BV) | Optional Loan Pool (ADC) (% of BV) | Optional Loan Pool (CRE/Land Performing) (% of BV) | Optional Loan Pool (C&I Performing) (% of BV) | Optional Loan Pool (Non-Performing Other CML) (% of BV) | Optional OREO (SFR) Pool (% of BV) | Optional OREO (CML) Pool (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Winning bid and bidder: First-Citizens Bank & Trust Company, Raleigh, NC |
All deposit Whole Bank | 0.00% | ($9,539) | N/A | N/A | N/A | N/A | N/A | No Bid | No Bid | No - 1 |
| Cover Bid: ESSA Bank & Trust, Stroudsberg, PA |
All deposit Whole Bank | 0.25% | ($12,000) | N/A | N/A | N/A | N/A | N/A | No Bid | No Bid | Yes |
| Other Bids: | |||||||||||
| Other | All deposit Whole Bank | 0.00% | ($11,138) | N/A | N/A | N/A | N/A | N/A | No Bid | No Bid | Yes |
| Other | All deposit Whole Bank | 0.00% | ($11,873) | N/A | N/A | N/A | N/A | N/A | 50.00% | 50.00% | Yes |
| Other | All deposit Whole Bank | 0.00% | ($18,215) | N/A | N/A | N/A | N/A | N/A | No Bid | No Bid | Yes |
Conforming Bid Notes:
1- Requests the intention to serve the market for six months, while the P&A agreement requires a year.
Other Bidder Names, City & State:
ESSA Bank & Trust, Stroudsberg, PA
Howard Bank, Ellicott City, MD
Royal Bank America, Narbeth, PA
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.
- The cover bid is the bid that: a. Is less costly then liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
- There is no linkage between bidder names and bids, except in the case of the winning bid.
- There may be more bids than bidders because one or more bidders submitted more than one bid.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html