Bid Summary
Seaway Bank and Trust Company, Chicago, IL
Closing Date: January 27, 2017
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/ (Discount) $(000) | Optional Loan Pool (SFR) (% of BV) | Optional Loan Pool (Non-Perf SFR) (% of BV) | Optional Loan Pool (ADC) (% of BV) | Optional Loan Pool (CRE) (% of BV) | Optional Loan Pool (Church) (% of BV) | Optional Loan Pool (C&I and Govt Guar.) (% of BV) | Optional OREO Pool (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Winning Bid: State Bank of Texas, Dallas, TX |
All deposit Whole Bank | 2.00% | ($48,100) | N/A | N/A | N/A | N/A | N/A | N/A | 100.00% | Yes |
| Cover Bid: First-Citizens Bank & Trust Company, Raleigh, NC |
All Deposit Whole Bank | 2.25% | ($49,862) | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | No - 1 |
| Other Bids: | |||||||||||
| Other | All deposit Whole Bank | 0.00% | ($87,700) | N/A | N/A | N/A | N/A | N/A | N/A | 50.00% | Yes |
| Other | All deposit Whole Bank | 1.05% | ($52,050) | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | No - 2 |
| Other | All deposit Whole Bank | 1.05% | ($67,200) | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | No - 3 |
| Other | All deposit Whole Bank | 2.00% | ($53,100) | N/A | N/A | N/A | N/A | N/A | N/A | 100.00% | Yes |
| Other | All deposit Whole Bank | 2.25% | ($50,862) | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | No - 1 |
| Other | All deposit Whole Bank | 2.25% | ($55,862) | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | Yes |
Conforming Bid Notes:
1- Requests to serve market for six months and the option to occupy Bank premises for up to 210 days without any obligation to purchase FF&E.
2- Excludes $80.9 million of specified loans.
3- Excludes $48.5 million of specified loans.
Other Bidder Names & Locations:
First-Citizens Bank & Trust Company, Raleigh, NC
Liberty Bank and Trust Company, New Orleans, LA
Republic Bank of Chicago, Chicago, 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.
- The cover (second best) bid is the bid that: a. Is less costly then liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
- There is no linkage between bidder names and bids, except in the case of the winning and cover bids.
- There may be 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