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Bid Summary
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First State Bank
Sarasota, FL
Closing Date: August 7, 2009
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Winning Bidder:
Stearns Bank N.A., St. Cloud, MN
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Winning Bid:
All deposits, whole bank with loss share – Asset Discount of $69 million; Deposit Premium of 0.25%.
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No other bids were received.
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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 bid for loss share was valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
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