Closing Date: April 26, 2024
Purchase and Assumption Agreement (P&A) Bids
| Bidder | Winning and Cover Bid | Type of Transaction | Deposits Passing | Deposit Premium | Asset Discount $(000) | Option 1 No Shared-Loss | Option 2 Commercial Shared-Loss Tranch 1/2 | Option 3 Single Family and Commercial Shared-Loss Tranch 1/2 | Equity Appreciation Offer (Y/N) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|---|
| Fulton Bank, National Association, Lancaster, PA | Winning Bid | Whole Bank P&A | All Deposits | 0.00% | ($374,000) | No Shared-Loss | N/A | N/A | N | No-1 |
| Other | N/A | Whole Bank P&A | All Deposits | 0.00% | ($895,000) | No Shared-Loss | N/A | N/A | N | Yes |
| Other | N/A | Whole Bank P&A | All Deposits | 0.00% | ($706,000) | N/A | N/A | 80%/80% | Y | No-2 |
| Other | N/A | Whole Bank P&A | All Deposits | 0.00% | ($647,000) | N/A | N/A | 80%/80% | Y | No-3 |
| Other | N/A | Whole Bank P&A | All Deposits | 0.00% | ($921,565) | N/A | 50%/80% | N/A | Y | No-4 |
Optional Loan Pool Bids
| Bidder | Winning and Cover Bid | Type of Transaction | Pool 1 (% of BV) |
Pool 2 (% of BV) |
Pool 3 (% of BV) |
Pool 4 (% of BV) |
Pool 5 (% of BV) |
Pool 6 (% of BV) |
Purchase Money Note (Y/N) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|---|
| Other | N/A | Loan Pool Sale | 65.00% | 65.00% | 65.00% | 65.00% | 65.00% | 65.00% | Y | Yes |
| Other | N/A | Loan Pool Sale | N/A | 55.00% | 55.00% | 55.00% | N/A | N/A | N | Yes |
| Other | N/A | Loan Pool Sale | 72.00% | 72.00% | 72.00% | 72.00% | 72.00% | 72.00% | Y | Yes |
| Other | N/A | Loan Pool Sale | 83.32% | 64.76% | 82.56% | 83.07% | 84.24% | 88.45% | Y | Yes |
| Other | N/A | Loan Pool Sale | 65.016% | 65.016% | 65.016% | 65.016% | 65.016% | 65.016% | Y | Yes |
Conforming Bid Notes:
1 - Bid excludes any deposits or assets associated with digital asset (crypto).
2 - Bid includes contingencies and excludes any deposits or assets associated with digital asset (crypto).
3 - Bid excludes any deposits or assets associated with digital asset (crypto).
4 - Bid includes contingencies.
Other Bidder Names & Locations:
Bank OZK, Little Rock, AR
BankUnited, N.A., Miami Lakes, FL
Flushing Bank, Uniondale, NY
Fortress Credit Advisors LLC, New York, NY
LSREF Pen Super Holdings, L.P. (Lone Star Funds), Dallas, TX
LVP Investments, LLC (Sixth Street), San Francisco, CA
Reverence Capital Partners Opportunities Fund V-C2 (PE Fund III), L.P., New York, NY
Notes:
- Bidders can submit multiple bids.
- The winning bidder’s acquisition of 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.
- There is no cover bid.
- There is no linkage between bidder names and bids, except in the case of the winning and cover bids.
- There may be more bids than bidders because one or more bidders submitted more than one bid.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.