Bid Summary
First State Bank, Sarasota, FL
Closing Date: August 7, 2009
Winning Bidder:
Stearns Bank N.A., St. Cloud, MN
Winning Bid:
All deposits, whole bank with loss share – Asset Discount of $69 million; Deposit Premium of 0.25%.
No other bids were received.
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 bid for loss share was 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