Bid Summary
Riverside National Bank of Florida, Fort Pierce, FL
Closing Date: April 16, 2010
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) % | 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:
TD Bank, N.A., Wilmington, DE |
All deposit whole bank with loss share | 0.00% | 0.00% | 50% | 80% | N/A | 50% | 80% | N/A | No | No(1) | Yes |
| Cover (second place):
Branch Banking & Trust Company, Winston-Salem, NC |
All deposit whole bank with loss share | 0.00% | -4.24% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | No |
| Other Bid: | All deposit whole bank with loss share | 0.00% | 0.00% | 50% | 80% | N/A | 50% | 80% | N/A | No | No(1) | No |
| Other Bid: | All deposit whole bank with loss share | 0.00% | 0.00% | 50% | 80% | N/A | 50% | 80% | N/A | No | No(1) | No |
| Other Bid: | All deposit whole bank with loss share | 0.00% | 0.00% | 50% | 80% | N/A | 50% | 80% | N/A | No | No(1) | No |
| Other Bid: | All deposit whole bank with loss share | 0.00% | -4.24% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | -4.24% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | -4.24% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | 4.60% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | No |
| Other Bid: | All deposit whole bank with loss share | 0.00% | 4.60% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | 4.60% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | 4.60% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 1.11% | -6.79% | 80% (4) | 80% | N/A | 80% | 80% | N/A | Yes | Yes | No |
| Other Bid: | All deposit whole bank with loss share | 1.11% | -6.79% | 80% (4) | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 1.11% | -6.79% | 80% (4) | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 1.11% | -6.79% | 80% (4) | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 1.00% | -7.91% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | No |
| Other Bid: | All deposit whole bank with loss share | 1.00% | -8.02% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | -8.10% | 80%(3) | 80% | N/A | 80% | 80% | N/A | No | No(2) | No |
| Other Bid: | All deposit whole bank with loss share | 0.00% | -8.10% | 80%(3) | 80% | N/A | 80% | 80% | N/A | No | No(2) | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | -8.10% | 80%(3) | 80% | N/A | 80% | 80% | N/A | No | No(2) | Yes |
| Other Bid: | All deposit whole bank with loss share | 0.00% | -8.10% | 80%(3) | 80% | N/A | 80% | 80% | N/A | No | No(2) | Yes |
| Other Bid: | All deposit whole bank with loss share | 1.00% | -8.25% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | No |
| Other Bid: | All deposit whole bank with loss share | 1.00% | -8.36% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 1.00% | -8.42% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid: | All deposit whole bank with loss share | 1.00% | -8.75% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
(1) Non-conforming due to modification of Loss Share % from 80/20 to 50/50, reduction in Intrinsic Loss. from $743 million to $442 million and modification of True-up provision.
(2) Non-conforming due to modification of True-up provision.
(3) The bid includes a component whereby the bidder will cover 100% of the initial losses incurred up to 25.7% of the total book value of loss share assets. Once this amount of losses is absorbed by the acquirer, the loss share structure shown above becomes effective.
(4) The bid includes a component whereby the bidder will cover 100% of the initial losses incurred up to 2.54% of the total book value of loss share assets. Once this amount of losses is absorbed by the acquirer, the loss share structure shown above becomes effective.
Other Bidder Names & Locations:
Branch Banking & Trust Company, Winston Salem, North Carolina
Centennial Bank, Conway, Arkansas
TD Bank, N.A., Wilmington, Delaware
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. If any bids were received that would have been more costly than liquidation they have been excluded from this summary.
- There are more bids than bidders because one or more bidders submitted more than one bid.
- 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.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html