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Bank Failures

Bid Summary for Harvest Community Bank, Pennsville, NJ

Harvest Community Bank, Pennsville, NJ
Closing Date: January 13, 2017

Failed Bank Information for Harvest Community Bank, Pennsville, NJ

BidderType of TransactionDeposit Premium %Asset Premium/ (Discount) $(000Optional Loan Pool (SFR)  (% BV) Optional Loan Pool (CRE Perf) (% of BV) Optional Loan Pool (CRE Non-Perf) (% of BV) Optional Loan Pool (Land, Ag & Other Perf) (% of BV) Optional Loan Pool (Land, Ag & Other Non-Perf) (% of BV) Optional Loan Pool (C&I Perf) (% of BV) Optional Loan Pool (C&I Non-Perf) (% of BV) Optional OREO Pool (% of BV)Conforming Bid
Winning Bid and Bidder:
First-Citizens Bank & Trust Company, Raleigh, NC
All deposit Whole Bank0.00%($21,519)N/AN/AN/AN/AN/AN/AN/ANo BidNo - 1,2
Cover Bid:
N/A
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Other Bids:            
Other Bid:All deposit Whole Bank0.00%($32,500)N/AN/AN/AN/AN/AN/AN/A100%Yes
Other Bid:All deposit Whole Bank0.00%($30,800)N/AN/AN/AN/AN/AN/AN/ANo BidYes
Other Bid:All deposit Whole Bank0.00%($23,926)N/AN/AN/AN/AN/AN/AN/ANo BidYes
Other Bid:All deposit Whole Bank0.25%($58,250)N/AN/AN/AN/AN/AN/AN/ANo BidYes
Other Bid:Insured deposit Basic P&A with Optional Loan Pools0.00%N/A60.00%60.00%No BidNo BidNo BidNo BidNo BidNo BidNo - 3
Other Bid:Insured deposit Basic P&A with Optional Loan Pools0.00%N/A60.00%60.00%No Bid66.00%No Bid41.00%No BidNo BidNo - 3
Other Bid:Insured deposit Whole Bank0.00%($50,876)N/AN/AN/AN/AN/AN/AN/ANo BidNo - 3

Conforming Bid Notes:

1- Requests to serve the market for six months as opposed to the P&A's one year requirement.
2- Requests no obligation to purchase FF&E.
3- Requests to close three of the four bank premises.

Other Bidder Names & Locations:

Capital Bank of New Jersey, Vineland, NJ
State Bank of Texas, Dallas, TX
Sun National Bank, Mount Laurel, NJ

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 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 bid.
  • 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: August 3, 2021