First Federal Bank of North Florida, Palatka, FL
Closing Date: April 16, 2010
Failed Bank Information for First Federal Bank of North Florida, Palatka, FL
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) % | SF Loss Share Tranche 1 | SF Loss Share Tranche 2 | SF Loss Share Tranche 3 | Commercial Loss Share Tranche 1 | Commercial Loss Share Tranche 2 | Commercial Loss Share Tranche 3 | Value Appreciation Instrument | Conforming Bid | Linked |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Winning bid and bidder: TD Bank, N.A., Wilmington, DE | All deposit whole bank with loss share | 0.00% | 0.000% | 50% | 80% | N/A | 50% | 80% | N/A | No | No (1) | Yes |
| Cover (second place): CenterState Bank of Florida, N.A., Winter Haven, FL | All deposit whole bank with loss share | 1.00% | -6.652% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | No |
| Other Bid | All deposit whole bank with loss share | 0.00% | 0.000% | 50% | 80% | N/A | 50% | 80% | N/A | No | No (1) | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | 4.100% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | 4.100% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 1.00% | -6.844% | 80% (4) | 80% | N/A | 80% | 80% | N/A | No | Yes | No |
| Other Bid | All deposit whole bank with loss share | 1.00% | -9.030% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 1.00% | -9.030% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | -11.500% | 80% (3) | 80% | N/A | 80% | 80% | N/A | No | No (2) | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | -11.500% | 80% (3) | 80% | N/A | 80% | 80% | N/A | No | No (2) | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | -12.340% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | -12.340% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | -12.340% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | -12.340% | 80% | 80% | N/A | 80% | 80% | N/A | Yes | Yes | Yes |
| Other Bid | All deposit whole bank with loss share | 0.00% | -18.240% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | No |
| Other Bid | Insured deposit whole bank with loss share | 0.00% | -18.240% | 80% | 80% | N/A | 80% | 80% | N/A | No | Yes | No |
Other Bidder Names:
Branch Banking & Trust Company, Winston Salem, NC
Centennial Bank, Conway, AR
CenterState Bank of Florida, N.A., Winter Haven, FL
First Federal Bank of Florida, Lake City, FL
TD Bank, N.A., Wilmington, DE
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.
- There are more bids than bidders because one or more bidd
- 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 cover bid.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.
- Non-Conforming due to reduction of Intrensic Loss from $88 million to $58 million, modification of Loss Share % to 50/50 up to new IL and modification of True Up provision
- Non-Conforming due to modification of True Up provision
- The bid includes a component whereby the bidder will cover 100% of the initial losses incurred up to 23.1% of the total book value of loss share assets. Once this amount of losses is absorbed by the acquirer, the loss share structure shown above becomes effective.
- The bid includes a component whereby the bidder will cover 100% of the initial losses incurred up to 0.283% of the total book value of loss share assets. Once this amount of losses is absorbed by the acquirer, the loss share structure shown above becomes effective.