The First State Bank, Barboursville, WV
Closing Date: April 3, 2020
Failed Bank Information for The First State Bank, Barboursville, WV
| Bidder | Type of Transaction | Deposit Premium% | Asset Premium/ (Discount) $(000) | Optional Loan Pool (Single Family) (% of BV) | Optional Loan Pool (CRE/ADC/Land) (% of BV) | Optional Loan Pool (C&I) (% of BV) | Optional Loan Pool (Consumer) (% 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: MVB Bank, Inc., Fairmont, WV | All deposit Whole Bank P&A | 0.00% | ($28,183) | N/A | N/A | N/A | N/A | N/A | N/A | 47.50% | No - 1 |
| Cover Bid: Summit Community Bank, Inc., Moorefield, WV | Insured deposit Basic P&A with Optional Loan Pools | 0.00% | N/A | 90.00% | N/A | N/A | 85.00% | N/A | N/A | N/A | Yes |
| Other Bids: | |||||||||||
| Other: | All deposit Whole Bank P&A | 0.00% | ($36,500) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Yes |
| Other: | All deposit Whole Bank P&A | 0.00% | ($36,500) | N/A | N/A | N/A | N/A | N/A | N/A | 20.00% | Yes |
| Other: | Insured deposit Basic P&A with Optional Loan Pools | 0.00% | N/A | 55.00% | 55.00% | 55.00% | 55.00% | 55.00% | N/A | N/A | Yes |
Conforming Bid Note:
1- Excludes assets totaling $3.4 million, including 2 required loans, derivative assets and the subsidiaries.
Other Bidder Names, City, ST:
First-Citizens Bank & Trust Company, Raleigh, NC
Summit Community Bank, Inc., Moorefield, WV
United Fidelity Bank, fsb, Evansville, IN
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.