Bid Summary
Vantage Point Bank, Horsham, PA
Closing Date: February 28, 2014
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) (1) | Optional Loan Pool (Performing Loans) (% of BV) (2) | Optional Loan Pool (Non-Performing Loans) (% of BV) (2) | Optional OREO Pool (% of BV) (3) | Conforming Bid |
|---|---|---|---|---|---|---|---|
| Winning Bid and Bidder:
First Choice Bank, Lawrenceville, NJ |
All deposit whole bank | 1.50% | $(4,404) | No Bid | No Bid | 67.00% | Yes |
| Cover:
Capital Bank, N.A., Rockville, MD |
All deposit whole bank | 0.00% | $(12,800) | No Bid | No Bid | 49% | Yes |
| Other Bid: | All deposit whole bank | 0.25% | $(5,982) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
| Other Bid: | All deposit whole bank | 0.25% | $(6,102) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
| Other Bid: | All deposit whole bank | 0.25% | $(6,336) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
| Other Bid: | All deposit whole bank | 0.25% | $(6,361) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
| Other Bid: | All deposit whole bank | 0.25% | $(7,295) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
| Other Bid: | All deposit whole bank | 0.25% | $(7,456) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
| Other Bid: | All deposit whole bank | 0.25% | $(7,715) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
| Other Bid: | All deposit whole bank | 0.25% | $(8,649) | No Bid | No Bid | No Bid | No - 1,2,3,4,5 |
Conforming Bid Notes:
1- Acquire self-selected list of loans.
2- Acquire selected General Ledger accounts.
3- Remove articles 4.1(a), 4.1(b), and 4.1C from the Purchase & Assumption agreement
4- Have no repurchase obligations fror loans previously sold
in the secondary market
5- For assets and liabilities not acquired (including subsidiaries) the AI has no obligation or liability of any sort for any past or future chains or commitments of credit.
Other Bidder Names & Locations:
Bucks County Bank, Doylestown, PA
Capital Bank, N.A., Rockville, MD
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 cover bid. Because there were three bidders for this institution, the name of the cover bidder is listed under Other Bidders.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html