Covenant Bank & Trust, Rock Spring, GA
Closing Date: March 23, 2012
|Bidder||Type of Transaction||Deposit Premium/(Discount) %||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
- 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