Bid Summary
Covenant Bank & Trust, Rock Spring, GA
Closing Date: March 23, 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: Stearns Bank, National Association; St Cloud, MN |
All deposit whole bank with loss share | 0.00% | $(12,900) | 80% | 80% | N/A | 0% | 80% | N/A | No | Yes | N/A |
| Cover Bid - None | ||||||||||||
| Other Bid | All deposit modified whole bank with loss share | 0.00% | $(8,900) | 80% | 80% | N/A | 80% | 80% | N/A | No | No | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $(15,500) | 80% | 80% | N/A | 80% | 80% | N/A | No | No | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $(18,300) | N/A | N/A | N/A | N/A | N/A | N/A | No | No | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $(29,900) | 0% | 80% | N/A | 0% | 80% | N/A | No | No | N/A |
Other Bidder Names:
- Bank of the Ozarks; Little Rock, AR
- Stearns Bank, National Association; Saint Cloud, MN
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.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html