Trust Company Bank, Memphis, TN
Closing Date: April 29, 2016
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/ (Discount) $(000) | Optional Loan Pool (Performing) (% of BV) | Optional Loan Pool (Non-Performing) (% of BV) | Acquire Mortgage Operations | Optional OREO Pool (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|
| Winning Bid and Bidder: The Bank of Fayette County, Piperton, TN | All deposit Basic P&A with Optional Loans Pools | 0.00% | N/A | No Bid | No Bid | No | No Bid | No - 1 |
| Cover Bid: None | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Bid | All deposit Basic P&A with Optional Loans Pools | 1.00% | N/A | No Bid | No Bid | No | No Bid | No - 2 |
| Other Bid | All deposit whole bank | 0.00% | ($2,630) | N/A | N/A | No | No Bid | No - 3,4 |
| Other Bid | All deposit whole bank | 0.00% | ($2,795) | N/A | N/A | No | No Bid | No - 3 |
| Other Bid | All deposit whole bank | 0.00% | ($3,638) | N/A | N/A | Yes | No Bid | No - 3,4 |
| Other Bid | All deposit whole bank | 0.00% | ($3,903) | N/A | N/A | Yes | No Bid | No - 3 |
| Other Bid | All deposit Basic P&A with Optional Loans Pools | 0.00% | N/A | 56.64% | 56.64% | Yes | 56.64% | No - 5 |
| Other Bid | All deposit whole bank | 4.00% | ($9,884) | N/A | N/A | No | 50.00% | Yes |
Whole Bank P&A bids have one discount amount. The OREO is bid seperately.
P&A with Optional Loan Pools bids include separate pool pricing for each selected pool.
Bids with less than the optional OREO pool reserve price were not factored
into the total bid cost.
Conforming Bid Notes:
1- Requests to purchase the Mason branch office for $360,000, which is below the fixed price offered, and close the Memphis and Jackson branches within 30 days.
2- Requests to purchase the Mason branch office for $349,000, which is below
the fixed price offered, close Memphis and Jackson branches within 30 days, and purchase 28 loans with a BV of $1.2 million at 65.0% of book value.
3- Contingent on not being the winning bidder for First CornerStone Bank, King of Prussia,
Pennsylvania.
4- Requests to serve the Bank's market for six months.
5- Requests to purchase $13.1 million of assets at a discount to book value of 44.36%; acquire certain assets, contracts, and leases of the mortgage operations; and after 6 months
may close the Brighton and Jackson branches, and may immediately close the Memphis branch.
Other Bidder Names & Locations:
Apex Bank, Camden, TN
CB&S Bank, Russellville, AL
First-Citizens Bank & Trust Company, Raleigh, NC
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.
- The cover bid is the bid that: a. Is less costly then 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.
- 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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html