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Failed Bank Information
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Bid Summary
Beach First National Bank
Myrtle Beach, S.C.
Closing date: April 9, 2010
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Winning Bidder:
Bank of North Carolina, Thomasville, NC
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Winning Bid:
All deposits, whole bank with loss share – Asset Discount
11.084%; Deposit Premium 0%.
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Cover (second place)
Bidder: First Bank, Troy, NC
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Cover
Bid: All deposits, whole bank with loss share – Asset Discount 15.95%; Deposit
Premium 0%.
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Other Bidder:
First Citizens Bank and Trust Company, Inc., Columbia, SC
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Other Bids:
All deposits, whole bank with loss share – Asset Discount 19.33%; Deposit Premium 0%.
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Notes:
- 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.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html |
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