Proficio Bank, Cottonwood Heights, UT
Closing Date: March 3, 2017
Failed Bank Information for Proficio Bank, Cottonwood Heights, UT
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/ (Discount) $(000) | Optional OREO Pool (% of BV) | Conforming Bid |
|---|---|---|---|---|---|
| Winning Bid and Bidder: Cache Valley Bank, Logan, UT | All deposit Whole Bank | 0.00% | ($5,491) | No bid | No - 1 |
| Cover Bid: First-Citizens Bank and Trust Company, Raleigh, NC | All Deposit Whole Bank | 0% | ($6,400) | No bid | No - 2 |
| Other Bids: | All deposit Whole Bank | 0.50% | ($28,043) | No bid | No |
Conforming Bid Note:
1- Includes terms that permit branch relocation elsewhere in the greater Salt Lake City area.
2 - Requests to serve the market for 4 months with an option to occupy the Bank premises up to 210 days without an obligation to buy or assume lease.
Other Bidder Names & Locations:
First-Citizens Bank and Trust Company, Raleigh, NC
People's Intermountain Bank, American Fork, UT
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.