Bid Summary
Heritage Bank of Florida, Lutz, FL
Closing Date: November 2, 2012
| Bidder | Type of Transaction | Deposit Premium % | 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: Centennial Bank, Conway, AR | All deposit whole bank | 0.00% | $(52,900) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Cover: CenterState Bank of Florida, N.A. Winter Haven, FL | All deposit whole bank with loss share | 0.00% | $(29,362) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 2 | N/A |
| Other bid | All deposit whole bank with loss share | 0.65% | $(22,849) | 80% | 80% | N/A | 80% | 80% | N/A | No | No - 3 | N/A |
| Other bid | All deposit whole bank with loss share | 0.00% | $(24,463) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 2 | N/A |
| Other bid | All deposit whole bank with loss share | 0.00% | $(25,279) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 4 | N/A |
| Other bid | All deposit whole bank with loss share | 0.00% | $(28,900) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 5 | N/A |
| Other bid | All deposit whole bank with loss share | 0.00% | $(37,900) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other bid | All deposit whole bank with loss share | 0.00% | $(42,900) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 6 | N/A |
| Other bid | All deposit P&A | 1.00% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Yes | N/A |
| Other bid | All deposit P&A | 3.00% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No - 7 | N/A |
Conforming Bid Notes:
1- Excludes $22.3 million in non performing loans and $13.7 million in OREO.
2- Requests no loss share coverage on 26 loans and one OREO property.
3- Requests loss share on Single Family loans and OREO.
4- Requests ability to sell
$9.8 million in loss share loans and OREO for no less than 55% of book value at any time.
5- Excludes $22.3 million in non performing loans and $13.7 million in OREO.
6- Requests permission to close one branch and language change to
Section 4.7 of P&A with respect to leased data management equipment.
7- Requests to purchase only West Tampa branch and its deposits.
Other Bidder Names:
Bank of the Ozarks, Little Rock, AR
Centennial Bank, Conway, AR
CenterState Bank of Florida, N.A., Winter Haven, FL
Heritage Bank of the South, Albany, GA
Homebanc, N.A., Lake Mary, FL
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.
- 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 and the cover bid.
- There are 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