Bid Summary
Banks of Wisconsin dba Bank of Kenosha, Kenosha, WI
Closing Date: May 31, 2013
| 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: North Shore Bank, FSB, Brookfield, WI | All deposit whole bank | 0.00% | $(7,742) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Cover: State Bank of the Lakes, Antioch, IL | All deposit whole bank with loss share | 0.08% | $(15,400) | 80% | 80% | N/A | 80% | 80% | N/A | Yes | No - 2 | N/A |
| Other Bid | All deposit whole bank | 0.00% | $(3,682) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 3 | N/A |
| Other Bid | All deposit whole bank | 0.00% | $(18,910) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 4 | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $(22,500) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 5 | N/A |
| Other Bid | All deposit whole bank with loss share | 0.08% | $(23,300) | N/A | N/A | N/A | 80% | 80% | N/A | Yes | No - 6 | N/A |
| Other Bid | All deposit whole bank | 0.00% | $(36,788) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
Conforming Bid Notes:
1- Excludes $32.4 million in loans and $9.8 million in OREO.
2- Requests loss share on single family residential loans, bank premises FF&E pass at no additional costs, and other changes to the P&A related primarily to the assumption of
contingent liabilities.
3- Excludes approximately $50.2 million in loans and $9.8 million in OREO.
4- Excludes approximately $8.6 million in loans and $9.8 million in OREO.
5- Eliminates the true-up obligation.
6- Requests
bank premises FF&E pass at no additional costs, and other changes to the P&A related primarily to the assumption of contingent liabilities.
Other Bidder Name:
Great Southern Bank, Reeds Spring, MO
North Shore Bank, FSB, Brookfield, Wisconsin
State Bank of the Lakes, Antioch, IL
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