Harvest Community Bank, Pennsville, NJ
Closing Date: January 13, 2017
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/ (Discount) $(000 | Optional Loan Pool (SFR) (% BV) | Optional Loan Pool (CRE Perf) (% of BV) | Optional Loan Pool (CRE Non-Perf) (% of BV) | Optional Loan Pool (Land, Ag & Other Perf) (% of BV) | Optional Loan Pool (Land, Ag & Other Non-Perf) (% of BV) | Optional Loan Pool (C&I Perf) (% of BV) | Optional Loan Pool (C&I Non-Perf) (% of BV) | Optional OREO Pool (% of BV) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Winning Bid and Bidder: First-Citizens Bank & Trust Company, Raleigh, NC |
All deposit Whole Bank | 0.00% | ($21,519) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | No - 1,2 |
| Cover Bid: N/A |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Bids: | ||||||||||||
| Other Bid: | All deposit Whole Bank | 0.00% | ($32,500) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 100% | Yes |
| Other Bid: | All deposit Whole Bank | 0.00% | ($30,800) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | Yes |
| Other Bid: | All deposit Whole Bank | 0.00% | ($23,926) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | Yes |
| Other Bid: | All deposit Whole Bank | 0.25% | ($58,250) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | Yes |
| Other Bid: | Insured deposit Basic P&A with Optional Loan Pools | 0.00% | N/A | 60.00% | 60.00% | No Bid | No Bid | No Bid | No Bid | No Bid | No Bid | No - 3 |
| Other Bid: | Insured deposit Basic P&A with Optional Loan Pools | 0.00% | N/A | 60.00% | 60.00% | No Bid | 66.00% | No Bid | 41.00% | No Bid | No Bid | No - 3 |
| Other Bid: | Insured deposit Whole Bank | 0.00% | ($50,876) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No Bid | No - 3 |
Conforming Bid Notes:
1- Requests to serve the market for six months as opposed to the P&A's one year requirement.
2- Requests no obligation to purchase FF&E.
3- Requests to close three of the four bank premises.
Other Bidder Names & Locations:
Capital Bank of New Jersey, Vineland, NJ
State Bank of Texas, Dallas, TX
Sun National Bank, Mount Laurel, NJ
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 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 bid.
- 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