Bid Summary
Bank of Jackson County, Graceville, FL
Closing Date: October 30, 2013
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) | Conforming Bid | Bid on ORE | Bank Premises Included | Value Appreciation Instrument |
|---|---|---|---|---|---|---|---|
| Winning Bid and Bidder: First Federal Bank of Florida, Lake City, FL |
All deposit whole bank | 0.00% | $(1,888) | Yes | No | No | N/A |
| Cover Bid: Bank of Early, Blakely, GA | All deposit whole bank | 0.00% | $(3,850) | No - 1 | No | Yes | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(1,888) | Yes | Yes | No | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(3,390) | Yes | Yes | Yes | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(3,390) | Yes | No | Yes | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(6,495) | Yes | Yes | Yes | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(7,525) | Yes | No | Yes | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(7,625) | Yes | Yes | Yes | N/A |
Conforming Bid Notes:
1- Excludes $4.4 million in participation loans associated with Service Finance Company, LLC.
Other Bidder Names & Locations:
Bank of Early, Blakely, GA
First Federal Bank of Florida, Lake City, FL
First Port City Bank, Bainbridge, GA
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