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Bid Summary
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McIntosh Commercial Bank
Carrollton, GA
Closing Date: March 26, 2010
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Winning Bidder:
CharterBank, West Point, GA
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Winning Bid:
All deposits, whole bank with loss share1 – Asset Discount of
$53 million; Deposit Premium 0%
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Cover (second place) Bid:
CharterBank, West Point, GA
Cover Bid: All deposits, whole bank with loss share – Asset Discount $58 million;
Deposit Premium 0%.
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Other Bidder: United Bank, Zebulon, GA
Other Bid: All deposits, whole bank with loss share - Asset Discount $59.2
million; Deposit Premium 0.51%. |
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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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Footnotes:
1 Section 2.1(g) - Payment in the Event Losses Fail to Reach Expected Level -
omitted from the Single Family Shared Loss Agreement and the Commercial and Other Assets Shared Loss Agreement.
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