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Bank Failures

Bid Summary

Sunrise Bank, Valdosta, GA
Closing Date: May 10, 2013

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:
Synovus Bank, Columbus, GA		 All deposit P&A 0.00% N/A N/A N/A N/A N/A N/A N/A No No - 1 N/A
Cover:
None		 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 Bid: All deposit whole bank P&A 0.00% $ (5,378) N/A N/A N/A N/A N/A N/A No No - 2 N/A
Other Bid: All deposit whole bank P&A 0.00% $ (5,928) N/A N/A N/A N/A N/A N/A No No - 2 N/A
Other Bid: All deposit whole bank P&A 0.00% $ (7,697) N/A N/A N/A N/A N/A N/A No No - 3 N/A
Other Bid: All deposit whole bank P&A 0.00% $ (8,447) N/A N/A N/A N/A N/A N/A No No - 3 N/A

Conforming Bid Notes:

1- Excludes securities and requests closure of the Bank's three branch offices within 30 to 60 days of failure date.
2- Selects approximately $10.8 million in performing loans, excludes $32.1 million of offered loans, and agreed to operate 2 branch locations for 45 days after failure.
3- Selects approximately $15.1 million in performing loans, excludes $27.8 million of offered loans, and agreed to operate 2 branch locations for 45 days after failure.

Other Bidder Names & Locations:

Metro City Bank, Doraville, Georgia

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 is no linkage between bidder names and bids, except in the case of the winning 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: December 16, 2021