Bid Summary
Mountain National Bank, Sevierville, TN
Closing Date: June 7, 2013
| 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: First Tennessee Bank, N.A., Memphis, TN |
All deposit whole bank | 0.00% | $(33,000) | N/A | N/A | N/A | N/A | N/A | N/A | No | Yes | N/A |
| Cover bid: First State Bank, Union City, TN | All deposit whole bank | 0.00% | $ (78,353) | 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% | $(27,580) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 1 | N/A |
| Other Bid: | All deposit whole bank with loss share | 0.00% | $(32,050) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 2 | N/A |
| Other Bid: | All deposit whole bank with loss share | 0.00% | $(42,780) | N/A | N/A | N/A | 80% | 80% | N/A | No | Yes | N/A |
| Other Bid: | All deposit whole bank with loss share | 0.00% | $(56,000) | N/A | N/A | N/A | 80% | 80% | N/A | No | No - 3 | N/A |
| Other Bid: | All deposit whole bank | 0.50% | $(129,881) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 4 | N/A |
Conforming Bid Notes:
1- Excludes $28.6 million in OREO, one subsidiary, and FHLB advances.
2- Excludes one subsidiary and FHLB advances.
3- Eliminates the true-up obligation, excludes three subsidiaries, and requests assets and liabilities of the subsidiaries
be transferred as assets and liabilities of the failed bank.
4- Requests detailed changes to the P&A agreement dealing with subsidiaries, fixed assets and bank branch operations.
Other Bidder Names:
Great Southern Bank, Reed Springs, MO
Republic Bank & Trust Company, Louisville, KY
Simmons First National Bank, Pine Bluff, AR
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