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Bank Failures

Bid Summary

Summit Bank, Prescott, AZ
Closing Date: July 15, 2011

Bidder Type of Transaction Deposit Premium % Asset Premium/(Discount) $(000) SF Loss Share Tranche 1 SF Loss Share Tranche 2 SF Loss Share Tranche 3 Commercial Loss Share Tranche 1 Commercial Loss Share Tranche 2 Commercial Loss Share Tranche 3 Value Appreciation Instrument Conforming Bid Linked
Winning Bid and Bidder:
The Foothills Bank, Yuma, AZ
All deposit Whole bank 0.25% $(15,950) N/A N/A N/A N/A N/A N/A No Yes N/A
Cover:
None
                       
Other Bid: All deposit whole bank with loss share 0.25% $(7,650) 80% 80% N/A 80% 80% N/A No Yes N/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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html


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Last Updated: December 16, 2021