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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.


- The winning bidders 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.

Last Updated 09/23/2010 cservicefdicdal@fdic.gov