Allendale County Bank, Fairfax, SC
Closing Date: April 25, 2014
Failed Bank Information for Allendale County Bank, Fairfax, SC
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) | Optional Loan Pool (% of BV) | Optional Loan Pool (% of BV) | Optional Loan Pool (% of BV) | Optional Loan Pool (% of BV) | Optional Loan Pool (% of BV) | Optional OREO Pool (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|---|
| Winning bid and bidder: Palmetto State Bank, Hampton, SC | All deposit whole bank | 0.00% | $(15,752) | N/A | N/A | N/A | N/A | N/A | No Bid | No - 1,2 |
| Cover Bid: none | ||||||||||
| Other Bid: | All deposit whole bank | 0.00% | $(4,175) | N/A | N/A | N/A | N/A | N/A | No Bid | No - 1,3 |
| Other Bid: | All deposit whole bank | 0.00% | $(20,499) | N/A | N/A | N/A | N/A | N/A | No Bid | No - 1 |
Conforming Bid Notes:
1- Requests the closing of all three Bank Offices.
2- Requests the definition of "forged or stolen instruments," to include any loan that is not legally owed by the borrower.
3- Excludes loans totaling $16.5 million and only valid if first bid is not acceptable by FDIC.
Other Bidder Names:
Omitted from this disclosure
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.
- There is no linkage between bidder names and bids, except in the case of the winning bid.
- The Other Bidder Name is omitted from this disclosure because there was only one Other Bidder.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy