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Bid Summary
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Summit Bank
Prescott, AZ
Closing Date: July 15, 2011
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| Bidder |
Type of Transaction |
Deposit Premium/(Discount) % |
Asset Premium/(Discount) $(000) / % |
SF Loss Share Tranche 1 |
SF Loss Share Tranche 2 |
SF Loss Share Tranche 3 |
Commercial Loss Share Tranche 1 |
Commercial Loss Share Tranche 2 |
Commercial Loss Share Tranche 3 |
Value Appreciation Instrument |
Conforming Bid |
Linked |
Winning bid and bidder:
The Foothills Bank, Yuma, AZ |
All deposit Whole bank |
0.25% |
$(15,950) |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
No |
Yes |
N/A |
| Cover - None |
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| Other Bid |
All deposit whole bank with loss share
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0.25% |
$(7,650) |
80% |
80% |
N/A |
80% |
80% |
N/A |
No |
Yes |
N/A |
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Other Bidder Name:
Omitted from this disclosure
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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. Bids for loss share, if any, were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- The cover bid is the bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
- Because there was only one other bidder, the Other Bidder Name is omitted from this disclosure.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html.
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