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Bank Failures

Bid Summary

The Elizabeth State Bank, Elizabeth, IL
Closing Date: July 2, 2009

Winning Bidder:

Galena State Bank and Trust, Galena, IL

Winning Bid:

All deposits, whole bank with loss share - Asset Discount of $2.495 million, Deposit Premium 1%.

Cover (second place) Bidder:

Devon Bank, Chicago, IL

Cover Bid:

All deposits, modified whole bank with loss share – Asset Discount of $5.9 million, Deposit Premium 0%

Other Bidder:

Community Bank, Winslow, IL

Other Bid:

All deposits, modified whole bank with loss share – Asset Discount of $6.125 million, Deposit Premium 0%.

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html

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Last Updated: November 20, 2020