Bid Summary
Sunrise Bank, Valdosta, GA
Closing Date: May 10, 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:
Synovus Bank, Columbus, GA |
All deposit P&A | 0.00% | N/A | 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 P&A | 0.00% | $ (5,378) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 2 | N/A |
| Other Bid: | All deposit whole bank P&A | 0.00% | $ (5,928) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 2 | N/A |
| Other Bid: | All deposit whole bank P&A | 0.00% | $ (7,697) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 3 | N/A |
| Other Bid: | All deposit whole bank P&A | 0.00% | $ (8,447) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 3 | N/A |
Conforming Bid Notes:
1- Excludes securities and requests closure of the Bank's three branch offices within 30 to 60 days of failure date.
2- Selects approximately $10.8 million in performing loans, excludes $32.1 million of offered loans, and agreed to operate
2 branch locations for 45 days after failure.
3- Selects approximately $15.1 million in performing loans, excludes $27.8 million of offered loans, and agreed to operate 2 branch locations for 45 days after failure.
Other Bidder Names & Locations:
Metro City Bank, Doraville, Georgia
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.
- 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