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

Millennium Bank, N.A.
Sterling, VA
Closing Date: February 28, 2014


Bidder Type of Transaction Deposit Premium % Asset Premium/(Discount) $(000) (1) Optional Loan Pool (Single Family Residential and Consumer) (% of BV) (2) Optional Loan Pool (SFR HELOC) (% of BV) (2) Optional Loan Pool (CRE, Land, C&I, Gov Guar) (% of BV) (2) Optional OREO Pool (% of BV) (3) Conforming Bid
Winning bid and bidder: WashingtonFirst Bank, Reston, VA All deposit whole bank 1.00% $ (5,000) N/A N/A N/A No Bid Yes
Cover: Bay Bank FSB, Lutherville, MD All deposit whole bank 0.20% $(5,175) N/A N/A N/A No Bid No
Other Bid:   All deposit whole bank 0.20% $(3,377) N/A N/A N/A No Bid No
Other Bid:   All deposit whole bank 0.20% $(3,952) N/A N/A N/A No Bid No
Other Bid:   All deposit whole bank 0.20% $(3,952) N/A N/A N/A 59.50% No
Other Bid:   All deposit whole bank 0.20% $(4,600) N/A N/A N/A No Bid No
Other Bid:   Insured deposit whole bank 1.00% $(5,000) N/A N/A N/A No Bid Yes
Other Bid:   All deposit whole bank 0.20% $(5,175) N/A N/A N/A 59.50% No Bid
Other Bid:   All deposit whole bank 1.00% $(5,600) N/A N/A N/A 33.58% Yes
Other Bid:   Insured deposit whole bank 1.00% $(5,600) N/A N/A N/A 33.58% Yes
Other Bid:   All deposit whole bank 0.00% $(7,876) N/A N/A N/A No Bid Yes
Other Bid:   All deposit whole bank 0.00% $(7,876) N/A N/A N/A 27.60% Yes
Other Bid:   All deposit whole bank 1.00% $(9,268) N/A N/A N/A No Bid Yes
Other Bid:   All deposit whole bank 1.00% $(9,571) N/A N/A N/A 50.00% Yes
Other Bid:   All deposit basic P&A with optional loans pools 1.00% N/A 78.67% No Bid 86.16% 50.00% Yes
Other Bid:   All deposit basic P&A with optional loans pools 1.00% N/A 79.46% No Bid 86.69% No Bid Yes
Other Bid:   All deposit whole bank 0.00% $(12,500) N/A N/A N/A No Bid Yes


Other Bidder Names:

Bay Bank, FSB, Lutherville, MD
Capital Bank, N.A, Rockville, MD
First Virginia Community Bank, Fairfax, VA
Xenith Bank, Richmond, VA
WashingtonFirst Bank, Reston, VA

Notes:

(1) Whole Bank P&A bids have one discount amount. The OREO is bid separately
(2) P&A with optional loan pool bids include separate pool pricing for each selected pool.
(3) OREO Bids less than the Optional OREO Pool Reserve Price were not factored into the total bid cost

- 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.

- There are more bids than bidders because one or more bidders submitted more than one bid.

- 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.




Last Updated 03/02/2015 cservicefdicdal@fdic.gov