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Bid Summary
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Century Bank F.S.B.
Sarasota, FL
Closing date: November 13, 2009
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Winning Bidder:
IBERIABANK, Lafayette, LA
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Winning Bid:
All deposits, whole bank with loss share – Asset Discount of $130.9 million,
Deposit Discount of 1.5%, linked.
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Cover (second place)
Bidder:
IBERIABANK, Lafayette, LA
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Cover Bid: All deposits, whole bank with loss share – Asset Discount of $130.934 million, Deposit Discount 1.50%. |
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Other Bidder Names:
BankUnited, Coral Gables, FL
Centennial Bank, Conway, AR
First Citizens Bank, Raleigh, NC |
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Other Bids:
All deposits, whole bank
with loss share – Asset Discount
of $191.4 million, Deposit Premium 0%, linked.
All deposits, whole
bank with loss share – Asset Discount of $191.4
million, Deposit Premium 0%.
All deposits, whole
bank with loss share – Asset
Discount of $201.4 million, Deposit Premium 0%.
All deposits, whole bank with loss
share – Asset Discount of $201.4
million, Deposit Premium 0%, linked.
All deposits, whole
bank with loss share – Asset Discount of $350 million, 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.
- 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.
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There are more bids than bidders because one or more bidders submitted more
than one bid.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html
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