Bid Summary
The Farmers and Merchants State Bank of Argonia, Argonia, KS
Closing Date: October 13, 2017
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/ (Discount) $(000) | Optional Loan Pool (Performing) (% of BV) | Optional Loan Pool (Gov't Guar) (% of BV) | Optional Loan Pool (Non-Performing) (% of BV) | Optional OREO Pool (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|
| Winning Bid: Conway Bank, Conway Springs, KS | All deposit Whole Bank | 2.50% | $(1,920) | N/A | N/A | N/A | N/A | Yes |
| Cover Bid: Howard State Bank, Howard, KS | All Deposit Whole Bank | 2.00% | $(5,491) | N/A | N/A | N/A | N/A | Yes |
| Other Bid: | All deposit Basic P&A with Optional Loan Pools | 0.00% | N/A | 71.98% | 67.47% | 15.00% | No Bid | Yes |
| Other Bid: | All deposit Whole Bank | 0.00% | $(6,442) | N/A | N/A | N/A | N/A | No - 1 |
| Other Bid: | All deposit Whole Bank | 2.50% | $(2,680) | N/A | N/A | N/A | N/A | Yes |
| Other Bid: | All deposit Whole Bank | 2.50% | $(13,250) | N/A | N/A | N/A | N/A | Yes |
| Other Bid: | All deposit Whole Bank | 2.77% | $(6,618) | N/A | N/A | N/A | N/A | Yes |
Conforming Bid Note:
1- Requests a six month period to provide full service banking and ability to occupy premises for 210 days without the obligation to assume the leases and FF&E.
Other Bidder Names & Locations:
BancCentral, NA, Alva, OK
First-Citizens B&T, Raleigh, NC
First State Bank Nebraska, Lincoln, NE
Vintage Bank, Leon, KS
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.
- The cover (second best) bid is the bid that: a. Is less costly then liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
- 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