Citizens National Bank, Macomb, IL
Closing Date: May 22, 2009
Morton Community Bank, Morton, IL
All deposits, whole bank with loss share - Asset Discount of $20 million, Deposit Premium 1.9%
Cover (second place) Bidder:
United Community Bank, Chatham, IL
All deposits P&A – Deposit Premium 2.12%
Other Bidder Names & Locations:
First Bankers Trust Company, Quincy, IL
Heartland Bank, Bloomington, IL
Prairie State Bank, Springfield, IL
Insured deposits P&A - deposit Premium 0.25%, plus pool bids
All deposits P&A - Deposit Premium 2.25%
Insured deposits P&A - Deposit Premium 3.031%
All deposits P&A – Deposit Premium 2.9%, plus pool bids
- Morton Community Bank's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- 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.
- There are more bids than bidders because one or more bidders submitted more than one bid.
- For more information on the bid disclosure policy, see www.fdic.gov/about/freedom/biddocs.html