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Bank Failures

Bid Summary for Security Bank, N.A., North Lauderdale, Florida

Security Bank, N.A., North Lauderdale, Florida
Closing Date: May 4, 2012

Failed Bank Information for Security Bank, N.A., North Lauderdale, Florida

BidderType of TransactionDeposit Premium %Asset DiscountSF 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: 
Banesco USA, Coral Gables, Florida
All Deposit Whole Bank0.00%$17,900N/AN/AN/AN/AN/AN/ANoNoN/A
Cover: 
None
            
Other Bid:All deposit Modified Whole Bank0.00%$8,900N/AN/AN/AN/AN/AN/ANoNoN/A
Other Bid:All deposit Whole Bank with Loss Share0.00%$9,50080%80%N/A80%80%N/ANoNoN/A

Other Bidder Names & Locations:

Omitted from this disclosure

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.
  • Because there was only one other bidder, the Other Bidder Name is omitted from this disclosure.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.


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Last Updated: April 25, 2022