First National Bank, Edinburg, TX
Closing Date: September 13, 2013
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) | Branches Purchased at Fixed Price Option | Combined Tranche 1 | Combined Tranche 2 | Combined Tranche 3 | Conforming Bid | Value Appreciation Instrument | Linked |
|---|---|---|---|---|---|---|---|---|---|---|
| Winning bid and bidder: PlainsCapital Bank, Dallas, TX |
All deposit whole bank with loss share | 0.00% | $(260,000) | 44 | 80% | N/A | 80% | No - 1,2 | No | N/A |
| Cover: Mercantil CommerceBank, NA., Coral Gables, FL | All Deposit Whole Bank P&A | 0.00% | $(91,749) | 29 | N/A | N/A | N/A | No - 3 | No | N/A |
| Other Bid: | All Deposit Whole Bank with Loss Share | 0.00% | $(272,000) | 44 | 80% | N/A | 80% | No - 1,4 | No | N/A |
| Other Bid: | Insured Deposit Only Whole Bank with Loss Share | 0.00% | $(279,000) | 44 | 80% | N/A | 80% | No - 1,4 | No | N/A |
| Other Bid: | Insured Deposit Only Whole Bank with Loss Share | 0.00% | $(267,000) | 44 | 80% | N/A | 80% | No - 1,2 | No | N/A |
| Other Bid: | All Deposit Whole Bank P&A | 0.00% | $(815,000) | 0 | N/A | N/A | N/A | Yes | No | N/A |
| Other Bid: | All Deposit Whole Bank P&A | 0.00% | $(605,000) | 0 | N/A | N/A | N/A | No - 5 | No | N/A |
| Other Bid: | All Deposit Whole Bank P&A | 0.00% | $(23,928) | 29 | N/A | N/A | N/A | No - 6 | No | N/A |
| Other Bid: | All Deposit Whole Bank P&A | 0.00% | $(41,226) | 29 | N/A | N/A | N/A | No - 7 | No | N/A |
Conforming Bid Notes:
1- Excludes $267.3 million in loans and $10.3 million in Other Real Estate Owned (OREO).
2- Requests that Tranche 2 begin at $240.2 million and end at $365.7 million.
3- Excludes $1.3 billion in loans and the entire OREO portfolio
of $232.0 million.
4- Requests that Tranche 2 begin at $240.2 million and end at $421.2 million.
5- Excludes $125.7 million in loans and the entire OREO portfolio of $232.0 million.
6- Excludes $1.8 billion in loans and the entire
OREO portfolio of $232.0 million.
7- Excludes $1.6 billion in loans and the entire OREO portfolio of $232.0 million.
Other Bidder Names:
Compass Bank, Birmingham, AL
Mercantil CommerceBank, NA., Coral Gables, FL
PlainsCapital Bank, Dallas, TX
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.
- 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 bid.
- There are more bids than bidders because one or more bidders submitted more than one bid.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html.