Bid Summary
First Cherokee State Bank, Woodstock, GA
Closing Date: July 20, 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: Community & Southern Bank, Atlanta, GA |
All deposit whole bank with loss share | 0.50% | $(25,900) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Cover: Heritage Bank of the South, Albany, GA | All deposit whole bank with loss share | 0.79% | $(36,400) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | No |
| Other bid | All deposit whole bank with loss share | 0.00% | $(19,927) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 1 | Yes |
| Other bid | All deposit whole bank with loss share | 0.00% | $(20,905) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 1 | Yes |
| Other bid | All deposit whole bank with loss share | 0.50% | $(25,900) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other bid | All deposit whole bank with loss share | 0.50% | $(25,900) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | No |
| Other bid | All deposit whole bank with loss share | 0.00% | $(28,198) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other bid | All deposit whole bank with loss share | 0.00% | $(31,604) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other bid | All deposit whole bank with loss share | 0.00% | $(35,000) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | No |
| Other bid | All deposit whole bank with loss share | 0.00% | $(36,622) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | No |
| Other bid | All deposit whole bank with loss share | 0.50% | $(37,558) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | No |
| Other bid | All deposit whole bank | 0.00% | $(42,900) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 2,3 | Yes |
| Other bid | All deposit whole bank | 0.00% | $(42,900) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 2 | Yes |
| Other bid | All deposit whole bank | 0.00% | $(46,100) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 2 | No |
| Other bid | All deposit whole bank | 0.79% | $(87,700) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | No |
| Other bid | All deposit whole bank | 0.00% | $(89,590) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 4 | No |
Conforming Bid Notes:
1- Excludes Single Family loans and Single Family OREO.
2- Excludes OREO properties and ACRU Wealth subsidiary.
3- Requests to amend Section 4.7 of the P&A Agreement relating to leasing data management equipment.
4- Excludes both
of the Bank's subsidiaries.
Other Bidder Names & Locations:
Ameris Bank, Moultrie, GA
Bank of the Ozarks, Little Rock, AR
Community & Southern Bank, Atlanta, GA
Hamilton State Bank, Hoschton, GA
Heritage Bank of the South, Albany, GA
Renasant Bank, Tupelo, MS
Republic Bank & Trust
Company, Louisville, KY
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.
- 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 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