Bid Summary
GulfSouth Private Bank, Destin, FL
Closing Date: October 19, 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: SmartBank, Pigeon Forge, TN | All deposit whole bank | 0.00% | $ (25,729) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Cover:Centennial Bank, Conway, AR | All deposit whole bank | 0.00% | $ (40,995) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $ (18,100) | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $ (20,600) | 80% | 80% | N/A | 80% | 80% | N/A | No | No - 2,3 | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $ (21,000) | 80% | 20% | 80% | 80% | 20% | 80% | No | No - 4 | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $ (21,749) | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $(22,480) | 80% | 80% | N/A | 80% | 80% | N/A | No | No - 2 | N/A |
| Other Bid | All deposit whole bank with loss share | 0.00% | $ (25,100) | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other Bid | All desposit whole bank | 0.00% | $ (28,229) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 5,6 | N/A |
| Other Bid | All deposit whole bank | 0.00% | $ (30,304) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 7 | N/A |
| Other Bid | All deposit whole bank | 0.00% | $ (43,490) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Other Bid | All deposit whole bank | 0.00% | $ (46,731) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 6 | N/A |
| Other Bid | All deposit whole bank | 0.00% | $ (49,311) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
Conforming Bid Notes:
1- Excludes $25.4 million in loans and $3.8 million in OREO.
2- Requests to immediately close the three leased branches.
3- Excludes $5.6 million in OREO.
4- Requests a three tranche loss share structure.
5- Excludes $25.4
million in loans.
6-Excludes $3.8 million in OREO.
7- Excludes $3.7 million in single family loans and $21.7 million in commercial loans.
Other Bidder Names:
Ameris Bank, Moultrie, GA
Bank of the Ozarks, Little Rock, AR
Centenial Bank, Conway, AR
Heritage Bank of the South, Albany, GA
SmartBank, Pigeon Forge, TN
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.
- 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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html