Each depositor insured to at least $250,000 per insured bank



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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.
 




Last Updated 08/11/2011 cservicefdicdal@fdic.gov