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Bid Summary

Security Bank, N.A.
North Lauderdale, Florida
Closing Date: May 4, 2012

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:
Banesco USA, Coral Gables, Florida
All Deposit Whole Bank



$17,900 N/A N/A N/A N/A N/A N/A No No N/A
Cover - None                        
Other Bid All deposit Modified Whole Bank  0.00%   $8,900 N/A N/A N/A N/A N/A N/A  No No N/A
Other Bid All deposit Whole Bank with Loss Share 0.00% $9,500 80% 80% N/A 80% 80% N/A No No N/A

Other Bidder Name:

Omitted from this disclosure


- 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.

Last Updated 06/04/2012 cservicefdicdal@fdic.gov