Bid Summary for First City Bank of Florida, Fort Walton Beach, FL

First City Bank of Florida, Fort Walton Beach, FL
Closing Date: October 16, 2020

Failed Bank Information for First City Bank of Florida, Fort Walton Beach, FL

Conforming Bid Notes:

1 - Excluded loans totaling $11.6 million
2 - Excluded loans totaling $1.7 million and OREO of $2.6 million
3 - Excluded loans totaling $15.0 million
4 - Excluded loans totaling $1.7 million
5 - Excluded OREO totaling $2.6 million
6 - Excluded loans totaling $11.3 million
 

Other Bidder Names & Locations:

BancorpSouth Bank, Tupelo, MS
Beach Community Bank, Fort Walton Beach, FL
CB&S Bank, Inc., Russelville, AL
First-Citizens Bank & Trust Co, Raleigh, NC
First Federal Bank, Lake City, FL
First Guaranty Bank, Hammond, LA
Investar Bank, NA, Baton Rouge, LA
Park Ridge Community Bank, Park Ridge, IL 
Republic Bank of Chicago, Oak Brook, IL 
SmartBank, Pigeon Forge, TN 
State Bank of Texas, Dallas, TX 
 

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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