Allendale County Bank, Fairfax, SC
Closing Date: April 25, 2014
|Bidder||Type of Transaction||Deposit Premium %||Asset Premium/(Discount) $(000)||Optional Loan Pool (% of BV)||Optional Loan Pool (% of BV)||Optional Loan Pool (% of BV)||Optional Loan Pool (% of BV)||Optional Loan Pool (% of BV)||Optional OREO Pool (% of BV)||Conforming Bid|
|Winning bid and bidder: Palmetto State Bank, Hampton, SC||All deposit whole bank||0.00%||$(15,752)||N/A||N/A||N/A||N/A||N/A||No Bid||No - 1,2|
|Cover Bid: none|
|Other Bid:||All deposit whole bank||0.00%||$(4,175)||N/A||N/A||N/A||N/A||N/A||No Bid||No - 1,3|
|Other Bid:||All deposit whole bank||0.00%||$(20,499)||N/A||N/A||N/A||N/A||N/A||No Bid||No - 1|
Conforming Bid Notes:
1- Requests the closing of all three Bank Offices.
2- Requests the definition of "forged or stolen instruments," to include any loan that is not legally owed by the borrower.
3- Excludes loans totaling $16.5 million and only valid if first bid is not acceptable by FDIC.
Other Bidder Names:
Omitted from this disclosure
- 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 is no linkage between bidder names and bids, except in the case of the winning bid.
- The Other Bidder Name is omitted from this disclosure because there was only one Other Bidder.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html