American Marine Bank, Bainbridge Island, WA
Closing Date: January 29, 2010
Failed Bank Information for American Marine Bank, Bainbridge Island, WA
| Bidder | Type of Transaction | Deposit Premium % | 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: Columbia State Bank, Tacoma, WA | All deposit whole bank with loss share | 1.00% | $ (22,995) | 80% | 95% | N/A | 80% | 95% | N/A | No | Yes | No |
| Cover: Umpqua Bank, Roseburg, OR | All deposit whole bank with loss share | 1.00% | $ (23,000) | 80% | 95% | N/A | 80% | 95% | Yes | Yes | Yes | |
| Other Bid | All deposit whole bank with loss share | 1.50% | $ (29,800) | 80% | 95% | N/A | 80% | 95% | Yes | Yes | No | |
| Other Bid | All deposit whole bank with loss share | 1.00% | $ (33,600) | 80% | 95% | N/A | 80% | 95% | No | Yes | No | |
| Other Bid | All deposit whole bank with loss share | 1.00% | $ (42,500) | 80% | 95% | N/A | 80% | 95% | No | Yes | No | |
| Other Bid | Insured deposit whole bank with loss share | 1.00% | $ (42,500) | 80% | 95% | N/A | 80% | 95% | No | Yes | No |
Other Bidder Names:
Heritage Bank, Olympia, WA
Kitsap Bank, Port Orchard, WA
Whidbey Island Bank, Coupeville, WA
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 are more bids than bidders because one or more bidders submitted more than one bid.
- 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.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.