Southern Community Bank, Fayetteville, GA
Closing Date: June 19, 2009
Winning Bidder: United Community Bank, Blairsville, GA
Winning Bid: All deposits, whole bank with loss share - Asset Discount of $44.4 million, Deposit Premium 1.0%
Cover (second place) Bidder: CharterBank, West Point, GA.
Cover Bid: All deposits, whole bank with loss share – Asset Discount of $54,850 million, Deposit Premium 0.0%.
Other Bidder Names:
United Central Bank, Garland, TX
Charter Bank, West Point, GA
All deposits, purchase and assumption plus pool bids – Deposit discount 2.0%
All deposits, purchase and assumption plus pool bids – Deposit premium 0.5%
- The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- 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 http://www.fdic.gov/about/freedom/biddocs.html.