Summit Bank, Prescott, AZ
Closing Date: July 15, 2011
|Bidder||Type of Transaction||Deposit Premium %||Asset Premium/(Discount) $(000)||SF Loss Share Tranche 1||SF Loss Share Tranche 2||SF Loss Share Tranche 3||Commercial Loss Share Tranche 1||Commercial Loss Share Tranche 2||Commercial Loss Share Tranche 3||Value Appreciation Instrument||Conforming Bid||Linked|
|Winning Bid and Bidder:
The Foothills Bank, Yuma, AZ
|All deposit Whole bank||0.25%||$(15,950)||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||0.25%||$(7,650)||80%||80%||N/A||80%||80%||N/A||No||Yes||N/A|
Other Bidder Names & Locations:
Omitted from this disclosure
- 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.
- Because there was only one other bidder, the Other Bidder Name is omitted from this disclosure.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html