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Bank Failures

Bid Summary for Citizens Bank of Effingham, Springfield, GA

Citizens Bank of Effingham, Springfield, GA
Closing Date: February 18, 2011

Failed Bank Information for Citizens Bank of Effingham, Springfield, GA

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)SF Loss Share Tranche 1SF Loss Share Tranche 2SF Loss Share Tranche 3Commercial Loss Share Tranche 1Commercial Loss Share Tranche 2Commercial Loss Share Tranche 3Value Appreciation InstrumentConforming BidLinked
Winning Bid and Bidder: 
HeritageBank of the South, Albany, GA		All deposit whole bank with loss share1.00%$(25,100)80%80%N/A80%80%N/ANoYesN/A
Cover: 
HeritageBank of the South, Albany, GA		All deposit whole bank with loss share1.00%$(21,700)80%80%N/A80%80%N/ANoNoN/A
Other Bid:All deposit whole bank with loss share1.00%$(20,500)80%80%N/A80%80%N/ANoNoN/A
Other Bid:All deposit whole bank without loss share1.00%$(6,900)N/AN/AN/AN/AN/AN/ANoNoN/A
Other Bid:Clean Purchase and Assumption1.00%N/AN/AN/AN/AN/AN/AN/AN/ANoN/A

Other Bidder Names & Locations:

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. If any bids were received that would have been more costly than liquidation they have been excluded from this summary.
  • The cover bid 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.
  • Because the three Other Bids were submitted by one bidder, the Other Bidder name is omitted from this disclosure.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: April 19, 2022