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Bank Failures

Bid Summary for The Farmers and Merchants State Bank of Argonia

The Farmers and Merchants State Bank of Argonia, Argonia, KS
Closing Date: October 13, 2017

Failed Bank Information for The Farmers and Merchants State Bank of Argonia, Argonia, KS

BidderType of TransactionDeposit Premium %Asset Premium/  (Discount)  $(000)Optional Loan Pool (Performing) (% of BV)Optional Loan Pool (Gov't Guar) (% of BV)Optional Loan Pool (Non-Performing) (% of BV)Optional OREO Pool (% of BV)Conforming Bid
Winning Bid: Conway Bank, Conway Springs, KSAll deposit Whole Bank 2.50%$(1,920)N/AN/AN/AN/AYes
Cover Bid: Howard State Bank, Howard, KSAll Deposit Whole Bank2.00%$(5,491)N/AN/AN/AN/AYes
Other Bid:All deposit Basic P&A with Optional Loan Pools0.00%N/A71.98%67.47%15.00%No BidYes
Other Bid:All deposit Whole Bank 0.00%$(6,442)N/AN/AN/AN/ANo - 1
Other Bid:All deposit Whole Bank 2.50%$(2,680)N/AN/AN/AN/AYes
Other Bid:All deposit Whole Bank 2.50%$(13,250)N/AN/AN/AN/AYes
Other Bid:All deposit Whole Bank 2.77%$(6,618)N/AN/AN/AN/AYes

Conforming Bid Note:

1- Requests a six month period to provide full service banking and ability to occupy premises for 210 days without the obligation to assume the leases and FF&E.

Other Bidder Names & Locations:

BancCentral, NA, Alva, OK
First-Citizens B&T, Raleigh, NC 
First State Bank Nebraska, Lincoln, NE
Vintage Bank, Leon, KS

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 cover (second best) bid is the bid that: a. Is less costly then 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 and cover bids.
  • There may be 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.

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Last Updated: April 19, 2022