Eastside Commercial Bank, Conyers, GA
Closing Date: July 18, 2014
Failed Bank Information for Eastside Commercial Bank, Conyers, GA
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) | Optional Loan Pool 100 Performing ADC (% of BV) | Optional Loan Pool 150 Non- Perf ADC, C&I, CRE (% of BV) | Optional Loan Pool 200 Perf C&I (% of BV) | Optional Loan Pool 300 Perf Inc. Prod. CRE (% of BV) | Optional Loan Pool 310 Perf CRE Office (% of BV) | Optional Loan Pool 320 Perf CRE (% of BV) | Optional Loan Pool 400 Perf Consumer (% of BV) | Optional Loan Pool 500 Perf SFR & HELOC (% of BV) | Optional Loan Pool 700 Perf & NonPerf Land (% of BV) | Optional Loan Pool 1000 Perf Gvt Guaranteed (% of BV) | Optional OREO Single-Family Residential (% of BV) | Optional Other OREO (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Winning Bid and Bidder: Community & Southern Bank, Atlanta, GA | All Deposit Whole Bank | 0.00% | $(5,124) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Waive | Waive | No - 1 |
| Cover: Bank South, Greensboro, GA | All Deposit Whole Bank | 0.00% | ($6,009) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Waive | Waive | No - 2 |
| Other Bid: | All Deposit Whole Bank | 0.00% | $(12,815) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Waive | Waive | No - 3 |
| Other Bid: | All Deposit Whole Bank | 0.00% | $(33,542) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Waive | Waive | Yes |
| Other Bid: | All Deposit Whole Bank | 0.00% | $(34,900) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Waive | Waive | Yes |
| Other Bid: | All Deposit Whole Bank | 0.00% | $(36,542) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 58.00% | 60.00% | Yes |
| Other Bid: | All Deposit Whole Bank | 0.00% | $(37,386) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 37.00% | 28.00% | Yes |
| Other Bid: | All Deposit Basic P&A with Optional Pools | 0.00% | $(37,919) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Waive | Waive | Yes |
| Other Bid: | All Deposit Basic P&A with Optional Pools | 0.00% | N/A | 55.00% | 40.00% | 68.00% | 72.00% | 80.00% | 75.00% | 55.00% | 65.00% | 50.00% | 75.00% | Waive | Waive | Yes |
| Other Bid: | All Deposit Basic P&A with Optional Pools | 0.00% | N/A | N/A | N/A | 58.50% | 61.20% | 85.10% | N/A | 96.00% | 73.80% | N/A | 76.60% | Waive | Waive | Yes |
| Other Bid: | All Deposit Basic P&A with Optional Pools | 0.00% | N/A | N/A | N/A | 50.60% | N/A | 82.30% | N/A | 95.30% | 68.00% | N/A | 72.20% | Waive | Waive | Yes |
| Winning Loan Sale Agreement Bid and Bidder: State Bank and Trust, Macon, GA | Loan Sale Agreement | N/A | N/A | 56.30% | 56.30% | No Bid | 56.30% | 56.30% | No Bid | 5630% | 5630% | 56.30% | 56.30% | N/A | N/A | N/A |
| Cover Loan Sale Agreement Bid: Stearns Bank, NA, Saint Cloud, MN | Loan Sale Agreement | N/A | N/A | 50.00% | 38.50% | 63.20% | 59.50% | 72.60 | 72.80 | 50.00 | 52.70 | No Bid | No Bid | N/A | N/A | N/A |
Conforming Bid Notes:
1- Excludes $57.2 million in loans.
2- Excludes $63.2 million in loans.
3- Excludes $42.8 million in loans.
Single-Family Residential and Other Single-Family Residential OREO pools are optional for both the Basic P&A and Whole Bank transaction.
Whole Bank P&A bids have one discount amount. The OREO is bid separately.
P&A with optional loan pool bids include separate pool pricing for each selected pool.
Bids less than the optional OREO pool reserve price were not factored into the total bid cost.
Other Bidder Names, City & State:
Bank South, Greensboro, GA
Community & Southern Bank, Atlanta, GA
Fidelity Bank, Atlanta, GA
Republic Bank & Trust, Louisville, Kentucky
State Bank and Trust, Macon, Georgia
Stearns Bank NA, Saint Cloud, Minnesota
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 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 Failed Financial Institution Bid Disclosure Policy.