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Bank Failures

Bid Summary

First State Bank, Sarasota, FL
Closing Date: August 7, 2009

Winning Bidder:

Stearns Bank N.A., St. Cloud, MN

Winning Bid:

All deposits, whole bank with loss share – Asset Discount of $69 million; Deposit Premium of 0.25%.

No other bids were received.

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 bid for loss share was 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: May 5, 2021