Bid Summary
Bank of the Commonwealth, Norfolk, VA
Closing Date: September 23, 2011
| 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: Southern Bank and Trust, Mount Olive, NC |
All Deposit Whole Bank with Loss Share | 0.00% | $(161,000) | 80% | 20% | 80% | 80% | 20% | 80% | No | Yes | N/A |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cover Bid: none | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other bid | All deposit Whole Bank with Loss Share | 0.00% | $(230,840) | 80% | 20% | 80% | 80% | 20% | 80% | No | Yes | N/A |
| Other bid | All deposit Whole Bank with Loss Share | 0.00% | $(259,000) | 80% | 20% | 80% | 80% | 20% | 80% | No | Yes | N/A |
Other Bidder Names & Locations:
Bank of the Ozarks, Little Rock, AR
IberiaBank, Lafayette, LA
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 Bids are in random order. There is no linkage between bidder names and bids, except in the case of the winning bid.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html