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Bid Summary

Strategic Capital Bank
Champaign, IL
Closing Date: May 22, 2009



Winning Bidder: Midland States Bank, Effingham, IL

Winning Bid: All deposits, whole bank with loss share Asset Discount of $54.402 million, Deposit Premium 1.0%.

Cover (second place) Bidder: Combination of the following two bids:

  • Heartland Bank & Trust, Bloomington, IL All deposits; Deposit Premium 0.50%
  • Freestar Bank, Pontiac, IL No deposits; bids on various loan pools

Other Bidder Names:

Freestar Bank, Pontiac, IL
Midland States Bank, Effingham, IL

Other Bids:

All deposits, whole bank with loss share Asset Discount of $58.402 million, Deposit Premium 1.0%.

All deposits P&A Deposit Discount 0.75%.

All deposits P&A - Deposit Premium 0%, plus bids for optional loan pools.

Notes:

- Midland States Bank’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.  If any bids were received that would have been more costly than liquidation they have been excluded from this summary.

- The Other Bidder Names and the Other Bids are in random order.  There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bids.

- There are more bids than bidders because one or more bidders submitted more than one bid.

 




Last Updated 08/24/2011 cservicefdicdal@fdic.gov