|
Bid Summary
|
|
Horizon Bank
Pine City, MN
Closing Date: June 26, 2009
|
|
Winning Bidder:
Stearns Bank N.A., St. Cloud, MN
|
|
Winning Bid:
All deposits, whole bank with loss share – Asset Discount of $10 million,
Deposit Premium 0.75%
|
|
|
|
|
|
No other bids were received. |
|
|
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.
- For more information on the bid disclosure policy, seehttp://www.fdic.gov/about/freedom/biddocs.html.
|
|
|
