Bid Summary
Citizens Bank, Sac City, IA
Closing Date: November 3, 2023
| Bidder | Winning and Cover Bid | Type of Transaction | Deposit Premium | Asset Premium/(Discount) $(000) | Optional Loan Pool SFR and SFR OREO (% of BV) | Optional Loan Pool Agricultural (% of BV) | Optional Loan Pool Performing CRE and C&I (% of BV) | Optional Loan Pool Non-Performing C&I (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|
| Iowa Trust & Savings Bank, Emmetsburg, IA | Winning Bid | All deposit Basic P&A with Optional Loan Pools | 3.75% | N/A | 73.60% | 90.00% | 75.00% | 0.00% | Yes |
| Omitted from this disclosure | Cover bid | Omitted from this disclosure | Omitted from this disclosure | Omitted from this disclosure | Omitted from this disclosure | Omitted from this disclosure | Omitted from this disclosure | Omitted from this disclosure | Omitted from this disclosure |
| Other | N/A | All deposit Whole Bank P&A | 3.32% | ($20,014) | N/A | N/A | N/A | N/A | Yes |
| Other | N/A | All deposit Whole Bank P&A | 0.00% | ($44,891) | N/A | N/A | N/A | N/A | Yes |
| Other | N/A | All deposit Basic P&A with Optional Loan Pools | 0.00% | N/A | 78.00% | 78.00% | No Bid | No Bid | Yes |
| Other | N/A | All deposit Basic P&A | 0.53% | N/A | No Bid | No Bid | No Bid | No Bid | Yes |
| Other | N/A | All deposit Basic P&A | 0.00% | N/A | No Bid | No Bid | No Bid | No Bid | Yes |
Other Bidder Names & Locations:
Cover bidder information, if not listed, will be added 1 year after failure.
BankFirst, Norfolk, NE
The Citizens First National Bank of Storm Lake, Storm Lake, IA
Equity Bank, Andover, KS
Stearns Bank National Association, Saint Cloud, MN
WCF Financial Bank, Webster City, IA
Notes:
- Bidders can submit multiple bids.
- The winning bidder’s acquisition of 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.
- The cover (second best) bid is: a. less costly then liquidation, b. the least costly bid after excluding all bids submitted by the winning bidder, and c. released 1 year after failure.
- There is no linkage between bidder names and bids, except in the case of the winning and cover bids.
- There may be more bids than bidders because one or more bidders submitted more than one bid.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html.