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Bank Failures

Bid Summary for 1st American State Bank of Minnesota, Hancock, MN

1st American State Bank of Minnesota, Hancock, MN 
Closing Date: February 5, 2010

Failed Bank Information for 1st American State Bank of Minnesota, Hancock, MN

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)SF Loss Share Tranche 1SF Loss Share Tranche 2SF Loss Share Tranche 3Commercial Loss Share Tranche 1Commercial Loss Share Tranche 2Commercial Loss Share Tranche 3Value Appreciation InstrumentConforming BidLinked
Winning bid and bidder:
Community Development Bank, FSB, Ogema, MN
All deposit whole bank with loss share0.00%$ (2,080)80%95%NA80%95%NANoYesN/A
Cover (second place): Viking
Savings Bank, Alexandria, MN
All deposit whole
bank with loss share
0.25%$ (3,415)80%95%NA80%95%NANoYesN/A
Other bids: None            

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. The bid for loss share was 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.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: December 22, 2021