Bid Summary
Waukegan Savings Bank, Waukegan, IL
Closing Date: August 3, 2012
| Bidder | Type of Transaction | Deposit Premium % | 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: First Midwest Bank, Itasca, IL |
All deposit whole bank | 0.00% | $(20,438) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Cover: Heartland Bank and Trust Company, Bloomington, IL |
All deposit whole bank | 0.00% | $(23,600) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Other Bid: | All deposit Clean P&A | 0.15% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Other Bid: | All deposit Clean P&A | $250,000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 2 | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(25,700) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 3,4 | N/A |
Conforming Bid Notes:
1- Requests the closing of both Bank branches sooner than the one-year required operating period.
2- Excludes all securities and FHLB receivables.
3- Excludes $1.9 million of Single Family loans and $1.1 million of Commercial OREO.
4- Excludes all FHLB advances (also excludes the assumption of the prepayment penalty) and FHLB Stock.
Other Bidder Names & Locations:
First Midwest Bank, Itasca, IL
International Bank of Chicago, Chicago, IL
Lake Forest Bank and Trust Company, Lake Forest, 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. 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.
- The other bidder Names and the other biders 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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html