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Failed Bank Information
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Bid Summary
Colonial Bank
Montgomery, AL
Closing date: August 14, 2009
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Winning Bidder:
Branch Banking and Trust Company (BB&T), Winston-Salem, NC
Winning Bid: All deposits, whole bank with loss share – Asset Discount of $1.462
billion for loss share assets, a price of 86.1% for consumer loans not covered
under loss share, and a Deposit Premium of 2.77%.
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Cover (second place) Bidder:
TD Bank, N.A., Portland, ME
Cover Bid: All deposits, whole bank with loss share – Asset Discount of $1.7521 billion,
Deposit Premium 2.50%.
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Other Bidder Name:
Branch Banking and Trust Company (BB&T)
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Other Bids:
All deposit, modified whole bank with loss share – Pool bids plus
Deposit Premium of 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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