Bid Summary
Parkway Bank, Lenoir, NC
Closing Date: April 26, 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: CertusBank, N.A., Easley, SC | All deposit whole bank | 0.00% | $(13,500) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1 | N/A |
| Cover: None | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(22,400) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1,2,3 | N/A |
| Other Bid: | All deposit whole bank | 0.00% | $(32,677) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 4 | N/A |
Conforming Bid Notes:
1- Excludes subsidiary.
2- Excludes $5.6 million in participation Loans.
3- Requests to consolidate the three branches into one or more branches at any time following regulatory notices to customers.
4- Contingent on closing date
being no earlier than April 19, 2013.
Other Bidder Names & Locations:
Bank of the Ozarks, Little Rock, AR
Peoples Bank, Newton, NC
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.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html