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Bank Failures

Bid Summary

The First State Bank, Barboursville, WV
Closing Date: April 3, 2020

Bidder Type of Transaction Deposit
Premium%		 Asset Premium/
(Discount) $(000) 		Optional Loan
Pool (Single Family)
(% of BV) 		Optional Loan
Pool (CRE/ADC/Land)
(% of BV) 		Optional Loan
Pool (C&I)
(% of BV) 		Optional Loan
Pool (Consumer)
(% of BV)		 Optional Loan
Pool (Gov't Guar)
(% of BV)		 Optional Loan
Pool (Non-performing)
(% of BV)		 Optional OREO
Pool (% of BV)		 Conforming
Bid
Winning Bid:
MVB Bank, Inc., Fairmont, WV		 All deposit Whole Bank P&A 0.00% ($28,183) N/A N/A N/A N/A N/A N/A 47.50% No - 1
Cover Bid:
Summit Community Bank, Inc., Moorefield, WV		 Insured deposit Basic P&A with Optional Loan Pools 0.00% N/A 90.00% N/A N/A 85.00% N/A N/A N/A Yes
Other Bids:                      
Other: All deposit Whole Bank P&A 0.00% ($36,500) N/A N/A N/A N/A N/A N/A N/A Yes
Other: All deposit Whole Bank P&A 0.00% ($36,500) N/A N/A N/A N/A N/A N/A 20.00% Yes
Other: Insured deposit Basic P&A with Optional Loan Pools 0.00% N/A 55.00% 55.00% 55.00% 55.00% 55.00% N/A N/A Yes

Conforming Bid Note:

1- Excludes assets totaling $3.4 million, including 2 required loans, derivative assets and the subsidiaries.

Other Bidder Names, City, ST:

First-Citizens Bank & Trust Company, Raleigh, NC
Summit Community Bank, Inc., Moorefield, WV
United Fidelity Bank, fsb, Evansville, IN

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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html

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Last Updated: May 28, 2021