Each depositor insured to at least $250,000 per insured bank



Home > Industry Analysis > Failed Banks > Failed Bank List > Failed Bank Information > Bid Summary



 
 
Bid Summary

Legacy Bank
Scottsdale, AZ
Closing Date: January 7, 2011



Bidder Type of Transaction Deposit Premium/(Discount) % 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:
Enterprise Bank & Trust, Clayton, Missouri
Nonconforming all deposit whole bank with loss share (1) 1.00% $ (9,995) 80% 80% NA 80% 80% NA Yes No N/A
Cover - Commerce Bank of Arizona, Tucson, Arizona All deposit whole bank with loss share 0.25% $ (21,975) 75% 75% N/A 75% 75% N/A No Yes N/A
Other bid All deposit whole bank with loss share 1.00% $ (9,525) 80% 80% N/A 80% 80% N/A No Yes N/A
Other bid All deposit whole bank with loss share 0.25% $ (21,475) 80% 80% N/A 80% 80% N/A No Yes N/A
Other bid All deposit whole bank with loss share 0.00% $ (22,000) 80% 80% N/A 80% 80% N/A No Yes N/A
Other bid Nonconforming Whole Bank P&A (2) 0.00% $ (41,679) N/A N/A N/A N/A N/A N/A No No N/A


Other Bidder Names:
Commerce Bank of Arizona, Tucson, Arizona
Enterprise Bank & Trust, Clayton, Missouri
SouthWest Bank, Odessa, Texas
Wedbush Bank, Los Angeles, California

  

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. If any bids were received that would have been more costly than liquidation they have been excluded from this summary.

- The cover bid 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.

- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html.

(1) Deemed nonconforming due to cap placed on Value Appreciation Instrument
(2) Deemed nonconforming since bid excluded all OREO.



Last Updated 03/12/2012
cservicefdicdal@fdic.gov