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Bid Summary

Suburban Federal Savings Bank
Crofton, MD
Closing Date: January 30, 2009

Winning Bidder: Bank of Essex, Tappahannock, VA

Winning Bid: All deposits, whole bank with loss share – Asset Discount of $45 million, Deposit Premium 0%


No other bids were received


- 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 bid for loss share was valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.

Last Updated 03/23/2010 cservicefdicdal@fdic.gov