Bid Summary
The Freedom State Bank, Freedom, OK
Closing Date: June 27, 2014
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) | 100 - Performing Loans (% of BV) | 200 - Non-Performing Loans (% of BV) | Bid on Bank Premises | Conforming Bid |
|---|---|---|---|---|---|---|---|
| Winning bid and bidder: Alva State Bank & Trust Company, Alva, OK | All Deposit Basic P&A with Optional Pools | 1.00% | 0% | 98.00% | 50.00% | Yes | Yes |
| Cover Bid: None | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Bid: | All Deposit Basic P&A with Optional Pools | 1.00% | $0 | 98.00% | No Bid | Yes | Yes |
| Other Bid: | All Deposit Whole Bank | 1.00% | $(3,704) | N/A | N/A | Yes | Yes |
P&A with optional loan pool bids include separate pool pricing for each selected pool.
Other Bidder Names:
Alva State Bank & Trust Company, Alva, OK
Bank of Commerce, Duncan, OK
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 is no linkage between bidder names and bids, except in the case of the winning 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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html