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Bank Failures

Bid Summary for First East Side Savings Bank, Tamarac, FL

First East Side Savings Bank, Tamarac, FL
Closing Date: October 19, 2012

Failed Bank Information for First East Side Savings Bank, Tamarac, FL

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)SF Loss Share Tranche 1SF Loss Share Tranche 2SF Loss Share Tranche 3Commercial Loss Share Tranche 1Commercial Loss Share Tranche 2Commercial Loss Share Tranche 3Value Appreciation InstrumentConforming BidLinked
Winning Bid and Bidder: 
Stearns Bank National Association, St. Cloud, MN
All deposit whole bank0.00%$ (8,600)N/AN/AN/AN/AN/AN/ANoYesN/A
Cover: 
Banesco USA Coral Gables, FL
All deposit whole bank0.00%$ (9,079)N/AN/AN/AN/AN/AN/AN/ANo - 1N/A
Other Bid:All deposit whole bank0.00%$ (8,000)N/AN/AN/AN/AN/AN/ANoNo - 1,2N/A
Other Bid:All deposit whole bank0.00%$ (8,900)N/AN/AN/AN/AN/AN/ANoNo - 3N/A
Other Bid:All deposit whole bank0.00%$ (9,698)N/AN/AN/AN/AN/AN/ANoNo - 1N/A

Conforming Bid Notes:

1- Excludes FHLB stock.
2- Excludes all OREO, HELOC's, and non-performing CRE, residential loans, and consumer loans.
3- Excludes the securities portfolio.

Other Bidder Names & Locations:

Banesco USA Coral Gables, FL
Stearns Bank National Association, St. Cloud, MN

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.
  • 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.
  • 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.


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Last Updated: December 20, 2021