Millennium Bank, N.A., Sterling, VA
Closing Date: February 28, 2014
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) (1) | Optional Loan Pool (Single Family Residential and Consumer) (% of BV) (2) | Optional Loan Pool (SFR HELOC) (% of BV) (2) | Optional Loan Pool (CRE, Land, C&I, Gov Guar) (% of BV) (2) | Optional OREO Pool (% of BV) (3) | Conforming Bid |
|---|---|---|---|---|---|---|---|---|
| Winning bid and bidder: WashingtonFirst Bank, Reston, VA | All deposit whole bank | 1.00% | $(5,000) | N/A | N/A | N/A | No Bid | Yes |
| Cover: Bay Bank FSB, Lutherville, MD | All deposit whole bank | 0.20% | $(5,175) | N/A | N/A | N/A | No Bid | No - 1 |
| Other Bid: | All deposit whole bank | 0.20% | $(3,377) | N/A | N/A | N/A | No Bid | No - 1,2,3 |
| Other Bid: | All deposit whole bank | 0.20% | $(3,952) | N/A | N/A | N/A | No Bid | No - 1,2 |
| Other Bid: | All deposit whole bank | 0.20% | $(3,952) | N/A | N/A | N/A | 59.50% | No - 1,2 |
| Other Bid: | All deposit whole bank | 0.20% | $(4,600) | N/A | N/A | N/A | No Bid | No - 1,3 |
| Other Bid: | Insured deposit whole bank | 1.00% | $(5,000) | N/A | N/A | N/A | No Bid | Yes |
| Other Bid: | All deposit whole bank | 0.20% | $(5,175) | N/A | N/A | N/A | 59.50% | No - 1 |
| Other Bid: | All deposit whole bank | 1.00% | $(5,600) | N/A | N/A | N/A | 33.58% | Yes |
| Other Bid: | Insured deposit whole bank | 1.00% | $(5,600) | N/A | N/A | N/A | 33.58% | Yes |
| Other Bid: | All deposit whole bank | 0.00% | $(7,876) | N/A | N/A | N/A | No Bid | Yes |
| Other Bid: | All deposit whole bank | 0.00% | $(7,876) | N/A | N/A | N/A | 27.60% | Yes |
| Other Bid: | All deposit whole bank | 1.00% | $(9,268) | N/A | N/A | N/A | No Bid | Yes |
| Other Bid: | All deposit whole bank | 1.00% | $(9,571) | N/A | N/A | N/A | 50.00% | Yes |
| Other Bid: | All deposit basic P&A with optional loans pools | 1.00% | N/A | 78.67% | No Bid | 86.16% | 50.00% | Yes |
| Other Bid: | All deposit basic P&A with optional loans pools | 1.00% | N/A | 79.46% | No Bid | 86.69% | No Bid | Yes |
| Other Bid: | All deposit whole bank | 0.00% | $(12,500) | N/A | N/A | N/A | No Bid | Yes |
(1) Whole Bank P&A bids have one discount amount. The OREO is bid separately
(2) P&A with optional loan pool bids include separate pool pricing for each selected pool.
(3) OREO Bids less than the Optional OREO Pool Reserve Price were not
factored into the total bid cost
Conforming Bid Notes:
1- Contingent on ability to consolidate the Herndon Branch into the Sterling Branch within 120 days of closing and will not assume any repurchases or other liabilities associated with mortgage loans sold by the Bank.
2- Excludes all FHLB
Borrowings.
3- Excludes all loans with a total book value of $9.8 million in the Single Family Residential (SFR) HELOC loan pool.
Other Bidder Names:
Bay Bank, FSB, Lutherville, MD
Capital Bank, N.A, Rockville, MD
First Virginia Community Bank, Fairfax, VA
Xenith Bank, Richmond, VA
WashingtonFirst Bank, Reston, VA
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.
- There are more bids than bidders because one or more bidders submitted more than one bid.
- The Other Bidder Names and the Other Bids are in random order. There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bid.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html