UNITED STATES DEPARTMENT OF THE TREASURY

OFFICE OF FINANCIAL STABILITY

Warrant Disposition Report

Troubled Asset Relief Program

Office of Financial Stability

Update December 31, 2012
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

The United States Department of the Treasury (Treasury) is pleased to present this supplement to the Warrant 

Disposition Report dated December 31, 2010, with information about the 25 warrant repurchases that 

Treasury’s Office of Financial Stability (OFS) conducted under the Troubled Asset Relief Program (TARP) in 

the six months ending December 31, 2012.1

Executive Summary		

The Emergency Economic Stabilization Act of 2008 (EESA) requires that in most circumstances Treasury 

receive warrants in connection with the purchase of troubled assets. 

Using the authority granted by EESA, Treasury invested in more than 700 banks of all sizes. A total of $245 

billion was invested across five distinct banking programs, two of which are the Capital Purchase Program 

(CPP) and the Targeted Investment Program (TIP). As of December 31, 2012, Treasury has recovered $268 

billion from TARP’s bank programs through repayments, dividends, interest, and other income. 

Treasury’s warrant sales provide additional returns beyond dividend payments from Treasury’s preferred stock 

investments. Treasury’s successful warrant dispositions have significantly benefited taxpayers. During the six 

months ending December 31, 2012, Treasury received approximately $38.9 million in gross proceeds from the 

disposition of 23 warrant positions through repurchases.2

Since the program’s inception, Treasury has received more than $9.2 billion in gross proceeds from the 

disposition of warrants associated with 161 CPP investments and two TIP investments,3 consisting of (i) $3.8 

billion from issuer repurchases at agreed upon fair market values and (ii) $5.4 billion from auctions. For the 

161 fully repaid CPP investments representing $230.1 billion in capital, Treasury has received an absolute 

return of 9.0 percent from dividends and capital appreciation on Citigroup common stock and an added 4.1 

percent return from the sale of the warrants for a total absolute return of 13.0 percent.4 For the $40 billion TIP 

investments in Bank of America Corporation and Citigroup, Treasury received an absolute return of 7.5 percent 

from dividends and an added 3.7 percent return from the sale of the warrants for a total absolute return of 11.3 

percent.5

                                                            

1) TARP’s Warrant Disposition Report can be located on the OFS website in the Reports section. 

2) These numbers exclude repurchases of preferred shares acquired by Treasury pursuant to the exercise of warrants issued by private 

institutions, which warrants were immediately exercised by Treasury at the time of the original investment. In the six months ending 

December 31, 2012, 14 private banks repurchased their warrant preferred shares and an additional 53 private banks had the 

outstanding warrant preferred shares sold at auction. Since the program inception, 162 private banks have repurchased their warrant 

preferred shares and an additional 153 private banks have had the warrant preferred shares sold at auction. See table on page 24. 

3) For the purposes of this report, warrants in Citigroup acquired in connection with the Asset Guarantee Program (AGP) are 

incorporated with the Citigroup TIP warrants. 

4) Returns are not annualized. 

5) AGP dividends are not included in return calculations. 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

2

Repurchases 

When an institution exits TARP, either by repaying its investment or participating in an auction of its preferred 

stock investment, a financial institution may repurchase its warrants at an agreed upon fair market value. In all 

cases, Treasury follows a consistent evaluation process to ensure that taxpayers receive fair market values for 

the warrants. In the six months ending December 31, 2012, Treasury received $38.89 million from 23 banks 

through warrant repurchases at agreed upon fair market values. 

Auctions 

If an institution decides not to repurchase its warrants, Treasury will dispose of the warrants as soon as 

practicable. Treasury has successfully disposed of warrants at fair market values through public and private 

auctions. 

In the 26 public warrant auctions held to date, investor demand above Treasury’s minimum price has exceeded 

the supply of warrant shares by an average of 6.9 times with oversubscription rates ranging from 2.0 to 18.3 

times. These publicly auctioned warrants are actively traded on national exchanges, providing a liquid 

secondary market and observable market pricing for long-dated warrants. 

Treasury also sells warrants through a private placement auction when the expected proceeds of the warrant sale 

do not justify the fixed cost, both to the issuing institution and the Treasury, of a registered transaction or when 

the warrant position does not meet certain requirements for listing on the relevant exchange. 

Each private sale of warrants uses an auction to establish a clearing price for each warrant position by allowing 

qualified bidders to submit bids at or above a minimum price specified for each warrant position. Each warrant 

position is sold to a single winning bidder. Treasury executed the first and, thus far, only tranche of private 

placement auctions for 17 warrant positions on November 17, 2011, generating gross proceeds of $12.7 million. 

Treasury expects to conduct similar auctions in the future for other warrant positions it holds in financial 

institutions that have repaid the CPP. 

Remaining Positions 

As of December 31, 2012, Treasury held warrants to purchase common stock in 34 financial institutions that 

have fully repaid their CPP investments and in 69 publicly traded companies in which the CPP investment is 

still outstanding. Treasury intends to continue to execute a consistent and transparent disposition process which 

achieves fair market values and protects taxpayer interests. 

 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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Summary of Gross Proceeds from Sale of Public Warrants since

June 30, 2012

The table below sets forth proceeds from 23 warrant repurchases completed during the six months ending 

December 31, 2012. 

*CPP preferred auction participant 

Institution Name Ticker

Preferred 

Redemption 

Date

Preferred Amount 

Redeemed / Received 

through Auction 

($ Thousands)

Warrant 

Repurchase 

Date

Gross Warrant 

Proceeds

($ Thousands)

QEO? 

(i.e. warrants 

cut by 50%)

REPURCHASES

Mercantile Bank Corporation MBWM 6/6/2012 $21,000 7/3/2012 $7,465

United Bancorp, Inc.* UBMI 6/19/2012 16,750 7/18/2012 38

Taylor Capital Group, Inc.* TAYC 6/19/2012 92,254 7/18/2012 9,839

Farmers Capital Bank Corporation* FFKT 6/19/2012 21,864 7/18/2012 75

Pinnacle Financial Partners, Inc. PNFP 6/20/2012 95,000 7/18/2012 755 Yes

LNB Bancorp Inc.* LNBB 6/19/2012 21,594 7/18/2012 860

Firstbank Corporation* FBMI 7/3/2012 30,588 7/18/2012 1,947

Southern First Bancshares, Inc.* SFST 7/3/2012 15,404 7/25/2012 1,100

VIST Financial Corporation VIST 8/1/2012 25,000 8/1/2012 1,190

Peoples Bancorp of North Carolina, Inc.* PEBK 7/3/2012 23,034 8/8/2012 425

Pulaski Financial Corp* PULB 7/3/2012 28,460 8/8/2012 1,100

BBCN Bancorp, Inc./Nara Bancorp BBCN 6/27/2012 67,000 8/8/2012 2,189 Yes

Ameris Bancorp* ABCB 6/19/2012 47,665 8/22/2012 2,670

First Citizens Banc Corp.* FCZA 7/3/2012 20,690 9/5/2012 563

WSFS Financial Corporation* WSFS 4/3/2012 47,435 9/12/2012 1,800

Indiana Community Bancorp INCB 9/12/2012 21,500 9/12/2012 1,800

BNC Bancorp* BNCN 8/29/2012 28,366 9/19/2012 940
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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*CPP preferred auction participant 

Institution Name Ticker

Preferred 

Redemption 

Date

Preferred Amount 

Redeemed / Received 

through Auction 

($ Thousands)

Warrant 

Repurchase 

Date

Gross Warrant 

Proceeds

($ Thousands)

QEO? 

(i.e. warrants 

cut by 50%)

REPURCHASES

Sterling Financial Corporation STSA 8/20/2012 113,338 9/19/2012 825

First Community Corporation* FCCO 8/29/2012 10,988 11/1/2012 298

PrivateBancorp, Inc. PVTB 10/24/2012 243,815 11/14/2012 1,225 Yes

Pacific Capital Bancorp PCBC 11/30/2012 165,983 11/30/2012 393

Mackinac Financial Corporation* MFNC 8/29/2012 10,381 12/19/2012 1,300

Northeast Bancorp NBN 11/28/2012 4,227 12/28/2012 95

TOTAL 23 $1,172,336 $38,892 3
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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Background

As required by EESA, Treasury received warrants from TARP banks to provide taxpayers with an additional 

potential return on the government’s investment.6

For each CPP and TIP investment in a publicly traded company, Treasury received warrants to purchase, at a 

fixed exercise price, shares of common stock equal to 15 percent of the aggregate liquidation preference of the 

senior preferred investment.7

 The per share exercise price was set at the 20-trading day trailing average of the 

bank’s common stock price as of the time it was given preliminary approval for the TARP investment. The 

warrants may be exercised at any time over a ten year period. These public warrants include certain customary 

anti-dilution provisions for Treasury’s protection. 

For CPP investments in a privately-held company, an S-corporation, or certain mutual institutions, Treasury 

received warrants to purchase, at a nominal cost, additional preferred stock (warrant preferreds) or subordinated 

debentures (warrant sub debt) equivalent to five percent of the aggregate liquidation preference of the primary 

CPP investment. These warrant preferreds and warrant sub debt securities pay a higher dividend or interest rate 

than the primary CPP investment. Treasury exercised these kinds of warrants at the closings of the investments. 

Institutions may repay Treasury for its CPP investment under the conditions established in the CPP purchase 

agreements as amended by the American Recovery and Reinvestment Act of 2009 (ARRA). The repayment 

price is equal to what Treasury invested, plus any unpaid dividends or interest. Originally, the CPP contracts 

provided that an institution could not redeem the investment within the first three years except with the 

proceeds of a “qualified equity offering” (QEO), which is an offering of securities that would qualify as Tier 1 

capital. The repayment terms of the contracts were later effectively amended by the ARRA, which provides 

that an institution can repay from any source of funds and without regard to any waiting period. For TIP 

investments, an institution was required to first redeem its CPP investment before being able to redeem the TIP 

preferred stock.8

In addition, in order to encourage institutions to seek additional private capital, the CPP contracts provided that 

participants could halve the number of shares subject to their warrants by completing one or more QEOs before 

                                                            

6) EESA provides that the Secretary may establish a “de minimis” exception to the requirement to issue warrants in the case of an 

institution that receives less than $100 million in TARP funds. Treasury has exercised that authority by not requiring warrants in the 

case of investments in Community Development Financial Institutions in order to encourage their participation in CPP. 

7) For the AGP, Treasury received warrants in Citigroup to purchase, at a fixed exercise price, shares of common stock equal to 10 

percent of the aggregate liquidation preference of the senior preferred stock received by Treasury as part of Citigroup’s participation 

in the program. 

8) Bank of America redeemed both its CPP and TIP investments? (missing a word here) at the same time on December 9, 2009. With 

regards to Citigroup, I) on December 23, 2009, Citigroup redeemed the TIP trust preferred securities that Treasury had received in 

exchange for the original TIP preferred stock in Citigroup, II) on September 30, 2010, Treasury sold the AGP trust preferred securities 

in Citigroup that Treasury had received in exchange for the original AGP preferred stock, and III) on December 6, 2010, Treasury 

completed the sale of its CPP investment in Citigroup which had been exchanged into common stock. 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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December 31, 2009, with aggregate gross proceeds equivalent to the value of Treasury’s CPP investment. 

Thirty-eight CPP participants completed a QEO in time to reduce their warrants. 

The CPP and TIP contracts further provide that once the preferred investment is redeemed or sold by Treasury, 

the institution has a right to repurchase its warrants at the fair market value. In addition, Treasury has the 

contractual right to sell the warrants. 

The ARRA affected Treasury’s authority to dispose of warrants, as it provided that when an institution repaid, 

“the Secretary shall liquidate warrants [of such institution]... at the current market price.” The ARRA was 

subsequently amended in May 2009 through the Helping Families Save Their Homes Act of 2009 (HFSTHA), 

which provides that the Secretary “may liquidate the warrants” following repayment. 

 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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Warrant Disposition Process

Upon redemption of the preferred stock issued to Treasury, an institution has a contractual right to repurchase 

its warrants at the fair market value.9

 The banks have 15 days from repayment of the preferred to submit a bid, 

and Treasury then has 10 days to respond. In June 2009, Treasury announced that, in the event that an issuer 

does not repurchase its warrants, Treasury would sell the warrants to third parties “as quickly as practicable” 

and, when possible, by public auction. 

Issuer Repurchases 

If a company wishes to repurchase its warrants, the issuer and Treasury must agree on the warrants’ fair market 

value. Accordingly, Treasury has established a methodology for evaluating a bank’s determination of fair 

market value. As described below, Treasury’s evaluation of an issuer’s bid is based on three categories of 

input: (i) market quotes, (ii) independent, third party valuations, and (iii) model valuations. 

If the issuer and Treasury fail to agree on a price, an appraisal procedure may be invoked by either party within 

30 days following Treasury’s response to the issuer’s first bid. In the appraisal process, each party selects an 

independent appraiser. These independent appraisers conduct their own valuations and attempt to agree upon 

the fair market value. If they agree on a fair market value, that valuation becomes the basis for repurchase. If 

these appraisers fail to agree, a third appraiser is hired, and subject to some limitations, a composite valuation of 

the three appraisals is used to establish the fair market value. To date, no institution has formally invoked the 

appraisal procedure. 

Even if an agreement is not reached within the specified timeframe, a bank that has repaid its preferred stock 

may bid to repurchase its warrants at any time, and Treasury will determine whether to accept the bid. 

Sale to Third Party 

Treasury retains the right to sell the warrants to a third party at a mutually agreed upon price. Following 

repayment of the preferred stock, if a bank notifies Treasury that it does not intend to repurchase its warrants or 

cannot agree with Treasury on the fair market value, Treasury intends to dispose of the warrants, when possible, 

through public auctions. 

Treasury held the first warrant auctions in December 2009 and has held 26 public auctions to date. These 

public auctions were conducted as modified “Dutch” auctions which were registered under the Securities Act of 

                                                            

9) Privately-held companies, S-corporations, and certain mutual institutions typically redeem their warrant preferreds or subordinated 

debentures at par when redeeming the primary CPP investment. (See Appendix I for a table of warrant preferred repurchases as of

June 30, 2012.) 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

8

1933. Only one bank’s warrants were sold in each public auction. In this format, bidders were able to submit 

one or more independent bids at different price-quantity combinations and the warrants were sold at a uniform 

price that cleared the auction. 

Treasury executed the first and, thus far, only tranche of private placement auctions for 17 warrant positions on 

November 17, 2011. Each private offering of warrants uses an auction to establish a clearing price for each 

warrant position by allowing qualified bidders to submit bids at or above a minimum price specified for each 

warrant position. Each warrant position is sold to a single winning bidder. 

 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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Treasury’s Evaluation of Issuer Bids

Treasury adheres to a consistent process for evaluating bids from institutions to repurchase their warrants. 

Upon receiving a bid for a warrant repurchase, Treasury utilizes (i) market quotes, (ii) independent, third party 

valuations, and (iii) model valuations to assess the bid. 

(i) Market Quotes 

There is little comparable market data for long-dated options. In order to perform its valuation analysis, 

Treasury seeks indications of value from various market participants active in the options markets. The range 

of estimated valuations is included in Treasury’s analysis along with the average of the market indications 

collected. Treasury also utilizes the market information from the trading of auctioned TARP warrants as 

another indication how of the market values long-dated warrants. 

(ii) Third Party Valuations 

Treasury engages outside consultants or external asset managers to provide independent, third party valuations 

for the warrants. The third party provides Treasury with an estimated valuation along with a range of potential 

values given a reasonable variance in the assumptions underlying their models. 

(iii) Model Valuations 

Treasury uses a number of financial models to estimate warrant valuations. Primarily, Treasury uses a binomial 

option model adjusted for American style options, which is a well-accepted method for valuing options by both 

academics and market participants. Valuation estimates generated from the binomial model are presented in the 

Treasury’s analysis along with a range of potential values given a reasonable variance in key model inputs, such 

as assumptions about the expected future volatility and dividend yield of the underlying stock. Treasury’s 

internal valuation modeling was reviewed by Dr. Robert Jarrow, an options expert and professor at Cornell 

University, who concluded that “the Treasury’s modeling methodology for valuing the warrants is consistent 

with industry best practice and the highest academic standards.” More information on Treasury’s internal 

valuation modeling and the report written by Dr. Jarrow can be found on the OFS website.10

Treasury and its external asset managers use the 20-trading day trailing average stock price of a company in 

their valuations to minimize the effects of day-to-day market fluctuations. Market participants who provide 

Treasury with market indications utilize the stock price at the time that they provide the valuation. If the 

discussions with an institution continue over an extended period of time, Treasury and its external asset 

                                                            

10) http://www.treasury.gov/initiatives/financial-stability/TARP-Programs/bank-investment-programs/cap/Pages/documents.aspx 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

10

managers will update their estimates as necessary. Treasury may also collect new market quotes or adjust the 

market quotes based on changes in market conditions from when the quotes were collected. (See Appendix I 

for information on the timing of issuers’ bids.) 

Determination by Warrant Committee 

Based on the range of estimated warrant values provided by these sources, a committee of Treasury officials 

within OFS, who comprise the Warrant Committee, makes a recommendation to the Assistant Secretary for 

Financial Stability as to whether to agree with the bank’s determination of fair market value. Each member of 

the Warrant Committee and the Assistant Secretary weigh the three valuation metrics as they deem appropriate. 

Additional factors presented to the Warrant Committee, along with the three valuation metrics discussed above 

include: 

 how quickly Treasury would have to monetize the warrants if the issuer does not repurchase based on 

legislation in place at the time as discussed in the “Background” section of this report, 

 the expertise and experience of the outside consultant providing the third party valuation, 

 the quality and number of market indications received, 

 any significant movements in the stock price of the issuer since market indications were collected, 

 deviations of the current stock price from the 20-trading day trailing average of the company’s stock 

price, 

 the size of the warrant position and potential investor interest in the warrants, 

 the liquidity of the underlying common stock, and 

 fixed transaction costs associated with selling the warrants to a third party.

 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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Repurchases of Warrants

Treasury began selling warrants back to banks that had repaid the TARP investment in May 2009. In aggregate, 

as of December 31, 2012, Treasury had realized $3.8 billion in gross proceeds from 121 warrant repurchases. 

This compares favorably to initial bids of $2.4 billion and estimates of aggregate value of $3.0 billion based on 

market indications, $3.6 billion based on third party estimates, and $3.4 billion based on Treasury’s internal 

financial model. Warrants repurchased by the issuer have yielded an extra absolute return of 4.1 percent on 

Treasury’s investment. 

When selling warrants back to the issuer, Treasury has achieved fair market values and protected the taxpayer. 

Dr. Jarrow noted that “[Treasury’s] valuation process results in a warrant valuation that is fair to both the 

participating banks and the U.S. taxpayers.” Further, the Special Inspector General for the Troubled Asset 

Relief Program (SIGTARP) audit released on May 15, 2010, titled Assessing Treasury’s Process to Sell 

Warrants Received from TARP Recipients concluded that Treasury successfully negotiated prices from 

institutions that wished to repurchase their warrants that were at or above Treasury’s estimated range of fair 

market value for such warrants.11 The report also described the valuation methodology to estimate fair market 

value and offered no suggestions for modifying that methodology.12

 

                                                            

11) SIGTARP report, Assessing Treasury’s Process to Sell Warrants Received from TARP Recipients, dated May 15, 2010. 

12) SIGTARP offered some suggestions regarding documentation of the negotiation process, and regarding insuring consistency in the 

information provided to issuers seeking to repurchase their warrants. Treasury reviewed these suggestions carefully and has made 

appropriate changes to its procedures for recording Warrant Committee meeting minutes and conversations with banks regarding the 

repurchases of their warrants. 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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Auctions of Warrants

Following repayment of its preferred stock, if a bank notifies Treasury that it does not intend to repurchase its 

warrants or cannot agree with Treasury on the fair market value, Treasury disposes of the warrants, when 

possible, through public auctions. Since December 2009, Treasury has publicly auctioned 26 warrant positions 

in 23 financial institutions, generating aggregate proceeds of approximately $5.4 billion.13 Demand in the 

public warrant auctions has exceeded the number of warrant shares being auctioned by an average of 5.4 times 

with an oversubscription range of 2.0 to 18.3 times. Warrants sold through public auctions have yielded an 

extra absolute return of 3.99 percent on Treasury’s investment. 

The auctions have also provided valuable insights into how the market values long-dated warrants, as scores of 

different bidders have placed hundreds of unique bids in each auction. The auctions have resulted in estimated 

placements of approximately 46 percent to fundamental institutional investors, 25 percent to convertiblefocused investors, 19 percent to derivative-focused investors, and 10 percent to individual investors.14 

Typically, many of the fundamental institutional investors who buy warrants in any given auction are also 

holders of the bank's common stock. 

Active secondary trading in the warrants has further validated the auction prices and provides ongoing 

observable market prices for long-dated warrants. Each of the warrants sold through public auction has been 

listed on the New York Stock Exchange or the NASDAQ. Trading volumes tend to be very high during the 

first few days following an auction and then to fall into a lower range. Excluding the first five trading days after 

each auction, the daily trading volume of the warrants has averaged 0.38 percent of the outstanding securities. 

Across the 26 TARP warrant positions currently outstanding with public investors, approximately three million 

warrants change hands on a typical trading day. 

In a Treasury report titled Treasury Analysis of Warrant Auction Results, the OFS and the Office of Economic 

Policy also examined three CPP warrant auctions and one TIP warrant auction, each of which generated 

proceeds in excess of $100 million.15 This report concluded that no single bidder had a large impact on the final 

clearing price in these four auctions. Further, the report showed that increasing the amount of smaller bidders 

participating in the auctions would not have had a material impact on the final clearing price. These two results 

suggest that the auctions were robust and achieved a fair market value. 

Treasury has successfully disposed of warrants through the auction process. Clearing prices have been set 

through robust competition between a large number of bidders, and fair market value has been achieved for 

taxpayers. Additionally, an active and liquid secondary market for the warrants has been established, providing 

greater confidence in the market value of the total Treasury warrant portfolio and thereby supporting future 

auctions. 

                                                            

13) Treasury held two separate auctions for different Bank of America Corporation CPP and TIP warrants. See footnote 5. 

14) The estimated placements to different investor types are calculated excluding any allocations to the issuing institution. 

15) http://www.treasury.gov/resource-center/economic-policy/Pages/default.aspx 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

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Modified “Dutch” Auctions

0

5

10

15

20

25

30

$3.00 $3.25 $3.50 $3.75 $4.00 $4.25 $4.50 $4.75 $5.00 $5.25 $5.50 $5.75 $6.00 $6.25 $6.50 $6.75 $7.00 $7.25 $7.50 $7.75 $8.00

Example of Cumulative Demand by Price

Example Auction Clearing Price $5.75

Millions

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

$3.00$3.25$3.50$3.75$4.00$4.25$4.50$4.75$5.00$5.25$5.50$5.75$6.00$6.25$6.50$6.75$7.00$7.25$7.50$7.75$8.00

Example of Demand by Price

Example Auction Clearing Price $5.75

Millions

For the public warrant auctions completed 

to date, Treasury has utilized modified 

“Dutch” auctions to dispose of the warrants. 

The public auctions were registered under 

the Securities Act of 1933. Only one bank’s 

warrants were sold in each such auction. 

With advice from its external asset 

managers and the auction agent, Treasury 

publicly disclosed a minimum bid for each 

auction. Bidders were able to submit one or 

more independent bids at different pricequantity combinations at or above the set 

minimum price. The auction agent did not 

provide bidders with any information about 

the bids of other bidders or auction trends, 

or with advice regarding bidding strategies, 

in connection with the auction. The issuers 

of the warrants were able to bid for their 

warrants in the auctions. Bids were 

accepted by the auction agent from 8:00 

a.m. to 6:30 p.m. on the day of the auction. 

The warrants were sold to all winning bids 

at the uniform price that cleared the auction. 

Deutsche Bank Securities Inc. has been 

Treasury’s auction agent each public 

auction to date. Deutsche Bank receives 

fees equal to approximately 1.3 percent of 

the gross proceeds ($72.7 million) which is 

significantly below typical secondary equity 

offering fees that run around 3.5 percent to 

4.5 percent depending on the size of the 

offering. 

For illustrative purposes only, Figures 1 and 

2 are example charts of the demand in a 

theoretical auction of an 8 million share 

position with a minimum price of $3.00 per 

share and a clearing price of $5.75 per 

share. 

Figure 1: Illustrative Cumulative Auction Demand by Price 

Figure 2: Illustrative Auction Demand by Price 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

14

Private Placement Auctions of Warrants

Warrants are also sold through private placement auctions when the expected proceeds of the warrant sale do 

not justify the fixed cost, both to the issuing institution and the Treasury, of a registered transaction or when the 

warrant position does not meet certain requirements for listing on the relevant exchange. 

These sales are executed using an auction to establish a clearing price for each warrant position by allowing 

appropriately qualified bidders to submit bids at or above a minimum price specified for each warrant position. 

Each warrant position is sold to a single winning bidder. 

Treasury executed the first and, thus far, only tranche of private placement auctions for 17 warrant positions on 

November 17, 2011, generating gross proceeds of $12.7 million. Treasury expects to conduct similar auctions 

in the future for other warrant positions it holds in financial institutions that have repaid the CPP. 

	 	
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

15

	 	

Appendix I – Detailed Tables of 

Warrant Repurchases and Auctions
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

16

Issuer Bids Ordered by Repurchase Date		 Issuer Bids Date of Issuer Bids Company Ticker CPP Preferred Redemption ($ Thousands) Redemption Date Bid #1 Bid #2 Bid #3 Bid #4 Bid # 5 Bid # 6 Bid # 7 Final Price ($ Thousands) Bid #1 Bid #2 Bid #3 Bid #4 Bid #5 Bid #6 Bid #7 Warrant Repurchase Date Old National Bancorp ONB $100,000 3/31/2009 $559 $1,200 $1,200 4/15/2009 5/6/2009 5/8/2009 IBERIABANK Corporation IBKC 90,000 3/31/2009 620 1,200 1,200 4/14/2009 5/12/2009 5/20/2009 Sun Bancorp SNBC 89,310 4/8/2009 1,049 2,100 2,100 4/21/2009 5/19/2009 5/27/2009 FirstMerit Corp FMER 125,000 4/22/2009 3,186 5,025 5,025 5/15/2009 5/21/2009 5/27/2009 Independent Bank Corp INDB 78,158 4/22/2009 880 2,200 2,200 5/2/2009 5/21/2009 5/27/2009 Alliance Financial Corporation ALNC 26,918 5/13/2009 320 900 900 5/26/2009 6/12/2009 6/17/2009 SCBT Financial Corporation SCBT 64,779 5/20/2009 694 1,400 1,400 6/3/2009 6/16/2009 6/24/2009 Berkshire Hills Bancorp BHLB 40,000 5/27/2009 875 1,040 1,040 6/8/2009 6/17/2009 6/24/2009 Somerset Hills Bancorp SOMH 7,414 5/20/2009 193 275 275 6/4/2009 6/17/2009 6/24/2009 First Niagra Financial Group FNFG 184,011 5/27/2009 1,500 2,700 2,700 6/4/2009 6/19/2009 6/24/2009 HF Financial Corp. HFFC 25,000 6/3/2009 465 600 650 650 6/9/2009 6/29/2009 6/29/2009 6/30/2009 State Street Corporation STT 2,000,000 6/17/2009 60,000 60,000 6/22/2009 7/8/2009 U.S. Bancorp USB 6,599,000 6/17/2009 115,000 131,000 139,000 139,000 6/18/2009 7/1/2009 7/8/2009 7/15/2009 BB&T Corporation BBT 3,133,640 6/17/2009 20,854 41,707 64,925 67,010 67,010 6/24/2009 7/8/2009 7/14/2009 7/14/2009 7/22/2009 Goldman Sachs Group, Inc. GS 10,000,000 6/17/2009 600,000 900,000 1,100,000 1,100,000 6/17/2009 7/20/2009 7/21/2009 7/22/2009 American Express Company AXP 3,388,890 6/17/2009 230,000 260,000 340,000 340,000 7/1/2009 7/20/2009 7/27/2009 7/29/2009 Bank of New York Mellon BK 3,000,000 6/17/2009 79,000 118,000 130,000 136,000 136,000 6/30/2009 7/29/2009 7/30/2009 7/31/2009 8/5/2009 Morgan Stanley MS 10,000,000 6/17/2009 500,000 800,000 900,000 950,000 950,000 6/30/2009 8/3/2009 8/4/2009 8/5/2009 8/12/2009 Northern Trust Corporation NTRS 1,576,000 6/17/2009 37,000 75,000 87,000 87,000 6/18/2009 8/17/2009 8/19/2009 8/26/2009 Old Line Bancshares OLBK 7,000 7/15/2009 175 205 225 225 7/29/2009 8/19/2009 8/20/2009 9/2/2009 Bancorp Rhode Island, Inc. BARI 30,000 8/5/2009 857 1,125 1,400 1,400 8/19/2009 9/16/2009 9/21/2009 9/30/2009 Manhattan Bancorp MNHN 1,700 9/16/2009 63 63 9/29/2009 10/14/2009 CenterState Banks, Inc. CSFL 27,875 9/30/2009 168 212 212 10/9/2009 10/20/2009 10/28/2009 CVB Financial Corp. CVBF 130,000 9/2/2009 1,002 1,307 1,307 9/17/2009 10/21/2009 10/28/2009 Bank of the Ozarks, Inc. OZRK 75,000 11/4/2009 2,161 2,650 2,650 11/5/2009 11/18/2009 11/24/2009 Wainwright Bank and Trust WAIN 22,000 11/24/2009 569 569 12/3/2009 12/16/2009 LSB Corporation LSBX 15,000 11/18/2009 500 560 560 12/4/2009 12/8/2009 12/16/2009 Wesbanco, Inc. WSBC 75,000 9/2/2009 825 950 950 950 9/22/2009 10/20/2009 12/11/2009 12/23/2009 Union Bankshares Corporation UBSH 59,000 11/18/2009 400 450 450 11/24/2009 12/16/2009 12/23/2009 Flushing Financial Corporation FFIC 70,000 10/28/2009 597 700 860 900 900 11/10/2009 12/14/2009 12/23/2009 12/28/2009 12/30/2009 Trustmark Corporation TRMK 215,000 12/3/2009 8,167 9,200 9,600 10,000 10,000 12/23/2009 12/28/2009 12/28/2009 12/29/2009 12/30/2009 OceanFirst Financial Corp. OCFC 38,263 12/30/2009 431 431 1/21/2010 2/3/2010 Monarch Financial Holdings, Inc. MNRK 14,700 12/23/2009 209 250 260 260 1/6/2010 1/22/2010 2/1/2010 2/10/2010 Umpqua Holdings Corp. UMPQ 214,181 2/17/2010 2,055 3,610 4,250 4,500 4,500 3/2/2010 3/19/2010 3/22/2010 3/22/2010 3/31/2010 City National Corporation CYN 400,000 3/3/2010 11,900 17,500 18,500 18,500 3/17/2010 4/5/2010 4/6/2010 4/7/2010 First Litchfield Financial Corporation FLFL 10,000 4/7/2010 1,488 1,488 4/7/2010 4/7/2010 SVB Financial Group SIVB 235,000 12/23/2009 3,800 6,200 6,820 6,820 2/18/2010 6/4/2010 6/8/2010 6/16/2010 Discover Financial Services DFS 1,224,558 4/21/2010 165,000 180,000 172,000 172,000 4/23/2010 5/4/2010 6/29/2010 7/7/2010 Bar Harbor Bankshares BHB 18,751 2/24/2010 67 175 225 250 250 3/10/2010 4/23/2010 7/20/2010 7/22/2010 7/28/2010 Citizens & Northern Corporation CZNC 26,400 8/4/2010 400 400 8/19/2010 9/1/2010 Columbia Banking System COLB 76,898 8/11/2010 3,302 3,302 8/19/2010 9/1/2010

The Bancorp, Inc. TBBK 45,220 3/10/2010 3,546 4,852 4,754 4,754 3/15/2010 3/29/2010 9/2/2010 9/8/2010Fulton Financial Corporation FULT 376,500 7/14/2010 8,000 9,500 10,800 10,800 8/6/2010 9/2/2010 9/3/2010 9/8/2010Central Jersey Bancorp CJBK 11,300 11/24/2010 320 320 12/1/2010 12/1/2010

First PacTrust Bancorp Inc. FPTB 19,300 12/15/2010 291 1,003 1,003 12/17/2010 12/30/2010 1/5/2011Huntington Bancshares Incorporated HBAN 1,398,071 12/22/2010 49,100 49,100 1/6/2011 1/19/2011

Susquehanna Bancshares, Inc. SUSQ 300,000 12/29/2010 4,482 5,269 5,269 12/29/2010 1/12/2011 1/19/2011East West Bancorp, Inc. EWBC 306,546 12/29/2010 12,000 14,500 14,500 1/11/2011 1/21/2011 1/26/2011Sandy Spring Bancorp, Inc. SASR 83,094 12/15/2010 3,077 3,430 3,750 4,200 4,450 4,450 12/29/2010 1/21/2011 2/2/2011 2/11/2011 2/11/2011 2/23/2011Washington Banking Company WBCO 26,380 1/12/2011 1,370 1,575 1,625 1,625 1/28/2011 2/8/2011 2/16/2011 3/2/20111st Source Corporation SRCE 111,000 12/29/2010 3,250 3,750 3,750 3,750 1/20/2011 1/31/2011 3/2/2011 3/9/2011First Horizon National Corporation FHN 866,540 12/22/2010 51,948 79,700 79,700 1/26/2011 3/4/2011 3/9/2011Fifth Third Bancorp FITB 3,408,000 2/2/2011 273,919 280,026 280,026 280,026 2/16/2011 3/8/2011 3/14/2011 3/16/2011National Penn Bancshares, Inc. NPBC 150,000 3/16/2011 486 765 882 1,000 1,000 3/23/2011 4/5/2011 4/6/2011 4/8/2011 4/13/2011Bridge Capital Holdings BBNK 23,864 2/23/2011 1,150 1,395 1,395 3/30/2011 4/8/2011 4/20/2011KeyCorp KEY 25,000 3/30/2011 63,000 70,000 70,000 4/6/2011 4/18/2011 4/20/2011Financial Institutions, Inc. FISI 37,515 3/30/2011 1,418 1,853 2,080 2,080 4/8/2011 4/21/2011 5/2/2011 5/11/2011Sterling Bancorp STL 42,000 4/27/2011 946 946 5/5/2011 5/18/2011

Whitney Holding Corporation/Hancock HBHC 300,000 4/29/2011 6,000 6,900 6,900 4/26/2011 5/13/2011 6/3/2011Home Bancshares, Inc. HOMB 50,000 7/6/2011 697 1,300 1,300 7/7/2011 7/21/2011 7/27/2011

* CPP preferred auction participant 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

17

Issuer Bids Ordered by Repurchase Date (continued) Issuer Bids Date of Issuer Bids Company Ticker CPP Preferred Redemption ($ Thousands) Redemption Date Bid #1 Bid #2 Bid #3 Bid #4 Bid # 5 Bid # 6 Bid # 7 Final Price ($ Thousands) Bid #1 Bid #2 Bid #3 Bid #4 Bid #5 Bid #6 Bid #7 Warrant Repurchase Date MidWestOne Financial Group, Inc MOFG 16,000 7/6/2011 800 950 1,000 1,000 7/13/2011 7/20/2011 7/21/2011 7/27/2011 Heritage Financial Corporation HFWA 24,000 12/22/2010 286 372 390 450 450 1/4/2011 1/18/2011 6/24/2011 8/5/2011 8/17/2011 First California Financial Group, Inc FCAL 25,000 7/14/2011 599 599 8/9/2011 8/24/2011 West Bancorporation, Inc. WTBA 36,000 6/29/2011 356 559 700 700 7/12/2011 8/5/2011 8/23/2011 8/31/2011 Summit State Bank SSBI 8,500 8/4/2011 270 303 315 315 8/16/2011 8/31/2011 9/8/2011 9/14/2011 DNB Financial Corporation DNBF 11,750 8/4/2011 373 458 458 8/16/2011 8/31/2011 9/21/2011 Great Southern Bancorp GSBC 58,000 8/18/2011 4,500 6,436 6,436 6,436 8/22/2011 9/8/2011 9/15/2011 9/21/2011 Oak Valley Bancorp OVLY 13,500 8/11/2011 408 507 560 560 8/22/2011 9/8/2011 9/20/2011 9/28/2011 Central Valley Community Bancorp CVCY 7,000 8/18/2011 185 185 9/9/2011 9/28/2011 Codorus Valley Bancorp, Inc. CVLY 16,500 8/18/2011 527 527 8/31/2011 9/28/2011 MutualFirst Financial, Inc. MFSF 32,382 8/25/2011 313 563 900 900 8/26/2011 9/7/2011 9/20/2011 9/28/2011 Heartland Financial USA, Inc. HTLF 81,698 9/15/2011 1,800 1,800 9/16/2011 9/28/2011 Central Bancorp, Inc. CEBK 10,000 8/25/2011 2,100 2,200 2,300 2,400 2,525 2,525 9/9/2011 9/26/2011 9/29/2011 10/6/2011 10/12/2011 10/19/2011 Community Bank Shares of Indiana, Inc. CBIN 19,468 9/15/2011 1,101 1,101 10/4/2011 10/19/2011 Community Partners Bancorp CPBC 9,000 8/11/2011 200 375 385 415 460 460 9/7/2011 9/26/2011 9/29/2011 10/12/2011 10/18/2011 10/26/2011 Stewardship Financial Corporation SSFN 10,000 9/1/2011 107 107 10/11/2011 10/26/2011 Bank of Commerce Holdings BOCH 17,000 9/26/2011 96 125 125 10/4/2011 10/17/2011 10/26/2011 AmeriServ Financial, Inc. ASRV 21,000 8/11/2011 392 659 708 812 825 825 9/12/2011 9/29/2011 10/20/2011 10/25/2011 10/27/2011 11/2/2011 Salisbury Bancorp, Inc. SAL 8,816 8/25/2011 113 202 202 205 205 8/31/2011 9/15/2011 9/29/2011 10/28/2011 11/2/2011 Citizens South Banking Corporation CSBC 20,500 9/22/2011 144 225 225 10/5/2011 11/2/2011 11/9/2011 Shore Bancshares, Inc. SHBI 25,000 4/15/2009 254 25 25 5/7/2009 11/2/2011 11/16/2011 QCR Holdings, Inc. QCRH 38,237 9/15/2011 550 850 1,100 1,100 9/28/2011 10/20/2011 11/8/2011 11/16/2011 First Northern Community Bancorp FNRN 17,390 9/15/2011 230 300 375 375 9/22/2011 10/20/2011 10/28/2011 11/16/2011 Emclaire Financial Corp. EMCF 7,500 8/18/2011 51 51 11/16/2011 12/7/2011 Center Bancorp, Inc. CNBC 10,000 9/15/2011 143 200 222 245 245 9/30/2011 11/2/2011 11/14/2011 11/22/2011 12/7/2011 First Midwest Bancorp, Inc. FMBI 193,000 11/23/2011 900 900 12/6/2011 12/21/2011 North Central Bancshares, Inc. FFFD 10,200 12/14/2011 397 500 600 600 12/15/2011 1/3/2012 1/4/2012 1/11/2012 Pathfinder Bancorp, Inc. PBHC 6,771 9/1/2011 454 538 538 12/1/2011 1/27/2012 2/1/2012 Peoples Bancorp, Inc. PEBO 39,000 12/28/2011 475 950 1,201 1,201 1/18/2012 1/31/2012 2/3/2012 2/15/2012 New Hampshire Thrift Bancshares, Inc. NHTB 10,000 8/25/2011 553 737 737 1/12/2012 2/9/2012 2/15/2012 Lakeland Bancorp Inc. LBAI 59,000 2/8/2012 2,044 2,800 2,800 2/10/2012 2/24/2012 2/29/2012 Peapack-Gladstone Financial Corporation PGC 28,685 1/11/2012 40 70 75 95 110 110 1/26/2012 2/9/2012 2/13/2012 3/20/2012 3/26/2012 4/4/2012 Connecticut Bank and Trust Company/Berkshire BHLB 5,448 4/20/2012 793 793 3/23/2012 4/20/2012 Regions Financial Corp. RF 3,500,000 4/4/2012 32,000 39,000 45,000 45,000 4/10/2012 4/24/2012 4/25/2012 5/2/2012 Park National Corporation PRK 100,000 4/25/2012 2,842 2,842 4/25/2012 5/2/2012 MB Financial, Inc. MBFI 196,000 3/14/2012 541 1,300 1,518 1,518 3/22/2012 4/17/2012 4/26/2012 5/2/2012 Seacoast Banking Corporation of Florida* SBCF 40,405 4/3/2012 40 55 55 4/17/2012 5/15/2012 5/30/2012 Wilshire Bancorp* WIBC 57,767 4/3/2012 665 760 760 5/16/2012 6/11/2012 6/20/2012 Mercantile Bank Corporation MBWM 21,000 6/6/2012 5,100 7,280 7,465 7,465 6/8/2012 6/19/2012 6/26//2012 7/3/2012 United Bancorp, Inc.* UBMI 16,750 6/19/2012 38 38 6/29/2012 7/18/2012 Taylor Capital Group, Inc.* TAYC 92,254 6/19/2012 8,197 9,839 9,839 7/2/2012 7/11/2012 7/18/2012 Farmers Capital Bank Corporation* FFKT 21,864 6/19/2012 50 75 75 6/25/2012 7/9/2012 7/18/2012 Pinnacle Financial Partners, Inc. PNFP 95,000 6/20/2012 755 755 6/21/2012 7/18/2012 LNB Bancorp Inc.* LNBB 21,594 6/19/2012 860 860 6/27/2012 7/18/2012 Firstbank Corporation* FBMI 30,588 7/3/2012 1,947 1,947 7/10/2012 7/18/2012 Southern First Bancshares, Inc.* SFST 15,404 7/3/2012 1,100 1,100 7/11/2012 7/25/2012 VIST Financial Corporation VIST 25,000 8/1/2012 1,190 1,190 7/25/2012 8/1/2012 Peoples Bancorp of North Carolina, Inc.* PEBK 23,034 7/3/2012 282 425 425 7/12/2012 8/8/2012 Pulaski Financial Corp* PULB 28,460 7/3/2012 610 990 1,100 1,100 7/12/2012 8/8/2012 BBCN Bancorp, Inc./Nara Bancorp BBCN 67,000 6/27/2012 1,736 1,903 2,189 2,189 7/2/2012 7/17/2012 7/31/2012 8/8/2012 Ameris Bancorp* ABCB 47,665 6/19/2012 2,250 2,670 2,690 2,670 2,670 6/28/2012 7/11/2012 7/13/2012 8/15/2012 8/22/2012 First Citizens Banc Corp.* FCZA 20,690 7/3/2012 563 563 8/16/2012 9/5/2012 WSFS Financial Corporation* WSFS 47,435 4/3/2012 1,160 1,250 1,410 1,800 1,800 5/30/2012 6/18/2012 7/3/2012 8/29/2012 9/12/2012 Indiana Community Bancorp INCB 21,500 9/12/2012 1,800 1,800 9/7/2012 9/12/2012 BNC Bancorp* BNCN 28,366 8/29/2012 940 940 9/6/2012 9/19/2012

Sterling Financial Corporation STSA 113,338 8/20/2012 774 825 825 8/28/2012 9/11/2012 9/19/2012First Community Corporation* FCCO 10,988 8/29/2012 244 260 270 278 285 291 298 298 9/17/2012 9/27/2012 10/2/2012 10/5/2012 10/12/2012 10/18/2012 10/25/2012 11/1/2012PrivateBancorp, Inc. PVTB 243,815 10/24/2012 1,000 1,225 1,225 10/26/2012 11/7/2012 11/14/2012Pacific Capital Bancorp PCBC 165,983 11/30/2012 393 393 11/28/2012 11/30/2012Mackinac Financial Corporation* MFNC 10,381 8/29/2012 1,180 1,300 1,300 11/30/2012 12/11/2012 12/19/2012

Northeast Bancorp NBN 4,227 11/28/2012 70 95 95 11/29/2012 12/28/2012TOTAL 121 $57,057,629 $2,431,209 $3,781,900

* CPP preferred auction participant 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

18

Issuer Bids and Warrant Auctions Ordered by Auction Date		 Company Ticker

	 	

CPP/TIP 

Preferred 

($ Thousands)

Redemption 

Date Bid #1 Bid #2 Bid #3

Auction 

Proceeds

($ Thousands) Bid #1 Bid #2 Bid #3

Auction 

Date

Capital One Financial Corp. COF $3,555,199 6/17/2009 $46,500 $148,731 6/30/2009 12/3/2009JPMorgan Chase & Co. JPM 25,000,000 6/17/2009 825,539 950,318 6/17/2009 12/10/2009TCF Financial Corporation TCB 361,172 4/22/2009 3,200 9,600 5/5/2009 12/15/2009Bank of America Corporation (CPP) BAC 25,000,000 12/9/2009 N/A 310,572 N/A 3/3/2010Bank of America Corporation (TIP) BAC 20,000,000 12/9/2009 N/A 1,255,639 N/A 3/3/2010Washington Federal, Inc. WFSL 200,000 5/27/2009 N/A 15,623 N/A 3/9/2010Signature Bank SBNY 120,000 3/31/2009 N/A 11,321 N/A 3/10/2010Texas Capital Bancshares TCBI 75,000 5/13/2009 N/A 6,709 N/A 3/11/2010PNC Financial Services Group, Inc. PNC 7,579,200 2/10/2010 N/A 324,196 N/A 4/29/2010Comerica Incorporated CMA 2,250,000 3/17/2010 N/A 183,673 N/A 5/6/2010Valley National Bancorp VLY 300,000 12/23/2009 2,291 5,572 1/7/2010 5/18/2010Wells Fargo & Company WFC 25,000,000 12/23/2009 593,600 700,000 750,000 849,015 1/7/2010 2/12/2010 2/22/2010 5/20/2010First Financial Bancorp FFBC 80,000 2/24/2010 N/A 3,116 N/A 6/2/2010Sterling Bancshares, Inc. SBIB 125,198 5/5/2009 4,000 3,008 6/5/2009 6/9/2010Lincoln National Corporation LNC 950,000 6/30/2010 N/A 216,621 N/A 9/16/2010Hartford Financial Services Group, Inc. HIG 3,400,000 3/31/2010 N/A 713,687 N/A 9/21/2010Citigroup, Inc. (TIP/AGP) C 20,000,000 12/23/2009 N/A 257,583 N/A 1/25/2011Citigroup, Inc. (CPP) C 25,000,000 12/6/2010 N/A 54,622 N/A 1/25/2011Boston Private Financial Holdings, Inc. BPFH 154,000 6/16/2010 4,300 6,353 7/12/2010 2/1/2011Wintrust Financial Corporation WTFC 250,000 12/22/2010 N/A 25,964 N/A 2/8/2011Webster Financial Corporation WBS 400,000 12/29/2010 N/A 20,678 N/A 6/2/2011SunTrust Banks, Inc. (A & B Warrants) STI 4,850,000 3/30/2011 N/A 30,494 N/A 9/22/2011Associated Banc-Corp ASBC 525,000 4/6/2011 N/A 3,585 N/A 11/30/2011Zions Bancorporation ZION 1,400,000 9/26/2012 N/A 7,816 N/A 11/30/2012M&T Bank Corporation* MTB 751,500 8/17/2012 N/A 32,291 N/A 12/12/2012TOTAL 26 $167,326,269 $5,446,788

Issuer Bids Date of Issuer Bids

* Auction proceeds from the sale of the original M&T Bank warrant. The warrant originally issued to Provident Bankshares Corp. remains outstanding. 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

19

Issuer Bids and Private Placement Sale of Warrants		 Company Ticker

	 	

CPP/TIP 

Preferred 

($thousands)

Redemption 

Date Bid #1 Bid #2 Bid #3

Auction 

Proceeds

($thousands) Bid #1 Bid #2 Bid #3

Auction 

Date

Bank of Marin Bancorp BMRC $28,000 3/31/2009 $1,368 $1,704 11/1/2011 11/17/2011First Community Bancshares Inc. FCBC 41,500 7/8/2009 N/A 31 N/A 11/17/2011Westamerica Bancorporation WABC 41,863 9/2/2009 N/A 878 N/A 11/17/2011F.N.B. Corporation FNB 100,000 9/9/2009 N/A 690 N/A 11/17/2011LCNB Corp. LCNB 13,400 10/21/2009 N/A 603 N/A 11/17/2011Eagle Bancorp, Inc. EGBN 38,235 12/23/2009 N/A 2,794 N/A 11/17/2011Middleburg Financial Corporation MBRG 22,000 12/23/2009 N/A 301 N/A 11/17/2011Lakeland Financial Corporation LKFN 56,044 6/9/2010 N/A 878 N/A 11/17/20111st Constitution Bancorp FCCY 12,000 10/27/2010 217 425 327 11/10/2011 11/24/2010 11/17/2011Horizon Bancorp HBNC 25,000 11/10/2010 N/A 1,751 N/A 11/17/2011First Busey Corporation BUSE 100,000 8/25/2011 41 58 64 9/6/2011 9/21/2011 11/17/2011MidSouth Bancorp, Inc. MSL 20,000 8/25/2011 N/A 207 N/A 11/17/2011First Bancorp FBNC 65,000 9/1/2011 N/A 924 N/A 11/17/2011CoBiz Financial Inc. COBZ 64,450 9/8/2011 N/A 144 N/A 11/17/2011First Merchants Corporation FRME 46,400 9/22/2011 N/A 368 N/A 11/17/2011Western Alliance Bancorporation WAL 140,000 9/26/2011 320 650 750 415 10/11/2011 11/1/2011 11/8/2011 11/17/2011Encore Bancshares Inc. EBTX 34,000 9/26/2011 N/A 637 N/A 11/17/2011TOTAL 17 $847,892 $12,714

Issuer Bids Date of Issuer Bids
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

20

Warrant Repurchases Ordered by Amount of Proceeds		

	 	

Institution Name Ticker

Decision 

Date

Payment 

Date

Expiration 

Date

Strike 

Price 

Final 

Warrant 

Shares

Warrant 

Repurchase 

Price/Share

Warrant 

Repurchase 

Proceeds

Estimated

Implied

Volatility*

Stock 

Price

20-day 

Avg 

Stock 

Price

Warrant 

Price / 

Stock 

Price

Underlying 

/ Strike

Goldman Sachs Group, Inc. GS 7/21/2009 7/22/2009 10/28/2018 $122.90 - 12,205,045 $90.13 $1,100,000,000 40.6% - 44.5% $159.80 $148.16 0.56 0.61 x

Morgan Stanley MS 8/5/2009 8/12/2009 10/28/2018 22.99 - 65,245,759 14.56 950,000,000 33.3% - 38.7% 31.05 28.16 0.47 0.52 x

American Express Company AXP 7/27/2009 7/29/2009 1/9/2019 20.95 - 24,264,129 14.01 340,000,000 37.6% - 40.7% 28.38 25.71 0.49 0.54 x

Fifth Third Bancorp FITB 3/14/2011 3/16/2011 12/31/2018 11.72 - 43,617,747 6.42 280,025,936 30.1% - 37.4% 13.90 14.37 0.46 0.45 x

Discover Financial Services DFS 6/29/2010 7/7/2010 3/13/2019 8.96 - 20,500,413 8.39 172,000,000 45.6% - 52.7% 13.80 13.66 0.61 0.61 x

U.S. Bancorp USB 7/8/2009 7/15/2009 11/14/2018 30.29 - 32,679,102 4.25 139,000,000 39.3% - 42.6% 16.59 17.69 0.26 0.24 x

Bank of New York Mellon BK 7/31/2009 8/5/2009 10/28/2018 31.00 - 14,516,129 9.37 136,000,000 35.7% - 39.6% 27.34 27.98 0.34 0.33 x

Northern Trust Corporation NTRS 8/19/2009 8/26/2009 11/14/2018 61.81 - 3,824,624 22.75 87,000,000 31.1% - 35.9% 60.38 60.00 0.38 0.38 x

First Horizon National Corporation FHN 3/4/2011 3/9/2011 11/14/2018 8.76 - 14,842,321 5.37 79,700,000 24.9% - 34.0% 11.43 11.62 0.47 0.46 x

KeyCorp KEY 4/18/2011 4/20/2011 11/14/2018 10.64 - 35,244,361 1.99 70,000,000 31.4% - 34.4% 8.59 8.80 0.23 0.23 x

BB&T Corporation BBT 7/14/2009 7/22/2009 11/14/2018 33.81 - 13,902,573 4.82 67,010,402 32.0% - 35.1% 21.65 21.64 0.22 0.22 x

State Street Corporation STT 7/1/2009 7/8/2009 10/28/2018 53.80 Yes 2,788,104 21.52 60,000,000 37.9% - 43.8% 47.35 46.98 0.45 0.46 x

Huntington Bancshares Incorporated HBAN 1/13/2011 1/19/2011 11/14/2018 8.90 - 23,562,994 2.08 49,100,000 35.1% - 38.6% 7.12 6.92 0.29 0.30 x

Regions Financial Corp. RF 4/25/2012 5/2/2012 11/14/2018 10.88 - 48,253,677 0.93 45,000,000 32.7% - 34.8% 6.45 6.34 0.14 0.15 x

City National Corporation CYN 4/6/2010 4/7/2010 11/21/2018 53.16 - 1,128,668 16.39 18,500,000 23.5% - 27.9% 55.70 53.90 0.29 0.30 x

East West Bancorp, Inc. EWBC 1/21/2011 1/26/2011 12/5/2018 15.15 Yes 1,517,555 9.55 14,500,000 25.8% - 33.5% 20.78 20.28 0.46 0.47 x

Fulton Financial Corporation FULT 9/3/2010 9/8/2010 12/23/2018 10.25 - 5,509,756 1.96 10,800,000 27.9% - 30.8% 8.72 8.52 0.22 0.23 x

Trustmark Corporation TRMK 12/29/2009 12/30/2009 11/21/2018 19.57 - 1,647,931 6.07 10,000,000 19.0% - 22.9% 22.80 20.84 0.27 0.29 x

Whitney Holding Company / Hancock HBHC 5/13/2011 6/3/2011 12/19/2018 40.91 - 1,100,000 6.27 6,900,000 30.0% - 32.6% 31.76 32.32 0.20 0.19 x

SVB Financial Group SIVB 6/8/2010 6/16/2010 12/12/2018 49.78 Yes 354,058 19.26 6,820,000 39.2% - 44.7% 42.24 45.32 0.46 0.43 x

Great Southern Bancorp GSBC 9/15/2011 9/21/2011 12/5/2018 9.57 - 909,091 7.08 6,436,364 32.7% - 34.2% 16.36 16.61 0.43 0.43 x

Susquehanna Bancshares, Inc. SUSQ 1/12/2011 1/19/2011 12/12/2018 14.86 - 3,028,264 1.74 5,269,179 33.3% - 36.0% 9.18 9.47 0.19 0.18 x

FirstMerit Corp FMER 5/21/2009 5/27/2009 1/9/2019 19.69 - 952,260 5.28 5,025,000 34.9% - 38.3% 17.54 19.27 0.30 0.27 x

The Bancorp, Inc. TBBK 9/2/2010 9/8/2010 12/12/2018 3.46 Yes 980,203 4.85 4,753,985 46.7% - 55.6% 6.89 6.60 0.70 0.73 x

Umpqua Holdings Corp. UMPQ 3/22/2010 3/31/2010 11/14/2018 14.46 Yes 1,110,897 4.05 4,500,000 25.1% - 29.4% 13.60 12.87 0.30 0.31 x

Sandy Spring Bancorp, Inc. SASR 2/11/2011 2/23/2011 12/5/2018 19.13 - 651,547 6.83 4,450,000 29.8% - 34.5% 19.35 18.97 0.35 0.36 x

1st Source Corporation SRCE 3/2/2011 3/9/2011 1/23/2019 19.87 - 837,947 4.48 3,750,000 25.8% - 28.7% 9.15 9.01 0.49 0.50 x

Columbia Banking System, Inc. COLB 8/25/2010 9/1/2010 11/21/2018 14.49 Yes 398,023 8.30 3,301,647 40.3% - 46.0% 17.00 17.21 0.49 0.48 x

Park National Corporation PRK 4/30/2012 5/2/2012 12/23/2018 65.97 - 227,376 12.50 2,842,400 28.5% - 30.4% 67.55 66.69 0.19 0.19 x

Lakeland Bancorp Inc. LBAI 2/24/2012 2/29/2012 2/6/2019 8.88 - 997,050 2.81 2,800,000 28.0% - 31.2% 10.00 9.98 0.28 0.28 x

First Niagara Financial Group FNFG 6/19/2009 6/24/2009 11/21/2018 14.48 Yes 953,096 2.83 2,700,000 28.5% - 31.7% 11.93 12.05 0.24 0.24 x

Bank of the Ozarks, Inc. OZRK 11/18/2009 11/24/2009 12/12/2018 29.62 - 379,811 6.98 2,650,000 20.9% - 25.1% 27.48 24.46 0.25 0.29 x

Central Bancorp, Inc. CEBK 10/12/2011 10/19/2011 12/5/2018 6.39 - 234,742 10.76 2,525,000 51.6% - 58.2% 16.14 17.15 0.67 0.63 x

Independent Bank Corp INDB 5/21/2009 5/27/2009 1/9/2019 24.34 - 481,664 4.57 2,200,000 28.5% - 31.6% 19.60 19.92 0.23 0.23 x

Sun Bancorp SNBC 5/19/2009 5/27/2009 1/9/2019 8.27 - 1,620,545 1.30 2,100,000 16.0% - 19.9% 6.25 6.36 0.21 0.20 x

Financial Institutions, Inc. FISI 5/2/2011 5/11/2011 12/23/2018 14.88 378,175 5.50 2,079,963 30.7% - 34.1% 16.55 16.88 0.33 0.33 x

Heartland Financial USA, Inc. HTLF 9/16/2011 9/28/2011 12/19/2018 20.10 - 609,687 2.95 1,800,000 38.4% - 41.1% 12.70 13.95 0.23 0.21 x

Washington Banking Company WBCO 2/16/2011 3/2/2011 1/16/2019 8.04 Yes 246,082 6.60 1,625,000 21.8% - 30.2% 13.63 13.69 0.48 0.48 x

MB Financial, Inc. MBFI 4/26/2012 5/2/2012 12/5/2018 29.05 Yes 506,024 3.00 1,518,072 24.8% - 27.3% 20.93 20.83 0.14 0.14 x

First Litchfield Financial Corporation FLFL 4/7/2010 4/7/2010 12/12/2018 7.53 - 199,203 7.47 1,488,046 N/A 14.95 14.65 0.50 0.51 x

SCBT Financial Corporation SCBT 6/16/2009 6/24/2009 1/16/2019 32.06 - 303,083 4.62 1,400,000 24.1% - 27.4% 23.16 23.45 0.20 0.20 x

Bancorp Rhode Island, Inc. BARI 9/21/2009 9/30/2009 12/19/2018 23.32 - 192,967 7.26 1,400,000 21.9% - 26.6% 24.66 25.57 0.29 0.28 x

Bridge Capital Holdings BBNK 4/8/2011 4/20/2011 12/23/2018 9.03 - 396,412 3.52 1,395,000 20.1% - 25.5% 9.82 9.41 0.36 0.37 x

CVB Financial Corp. CVBF 10/21/2009 10/28/2009 12/5/2018 11.68 Yes 834,761 1.57 1,307,000 26.4% - 29.2% 8.81 7.73 0.18 0.20 x

Home Bancshares, Inc. HOMB 7/21/2011 7/27/2011 1/16/2019 23.66 Yes 158,472 8.20 1,300,000 25.9% - 30.6% 24.46 23.98 0.34 0.34 x

Peoples Bancorp, Inc. PEBO 2/3/2012 2/15/2012 1/30/2019 18.66 - 313,505 3.83 1,200,724 31.3% - 34.1% 16.62 15.22 0.23 0.25 x

Old National Bancorp ONB 5/6/2009 5/8/2009 12/12/2018 18.45 - 813,008 1.48 1,200,000 20.3% - 23.6% 14.33 14.18 0.10 0.10 x

IBERIABANK Corporation IBKC 5/12/2009 5/20/2009 12/5/2018 48.74 Yes 138,490 8.66 1,200,000 17.5% - 20.8% 47.22 48.23 0.18 0.18 x

Community Bank Shares of Indiana, Inc. CBIN 10/4/2011 10/19/2011 5/29/2019 7.56 - 386,270 2.85 1,100,870 26.7% - 29.9% 9.39 9.65 0.30 0.30 x

QCR Holdings, Inc. QCRH 11/8/2011 11/16/2011 2/13/2019 10.99 - 521,888 2.11 1,100,000 28.5% - 31.5% 8.95 9.03 0.24 0.23 x

Berkshire Hills Bancorp BHLB 6/17/2009 6/24/2009 12/19/2018 26.51 - 226,330 4.60 1,040,000 24.0% - 28.0% 20.17 21.38 0.23 0.21 x

First PacTrust Bancorp, Inc. FPTB 12/30/2010 1/5/2011 11/21/2018 10.31 - 280,795 3.57 1,003,227 18.4% - 22.0% 13.01 12.60 0.27 0.28 x

National Penn Bancshares, Inc. NPBC 4/8/2011 4/13/2011 12/12/2018 15.30 Yes 735,294 1.36 1,000,000 33.5% - 36.1% 7.96 7.73 0.17 0.18 x

MidWestOne Financial Group, Inc MOFG 7/21/2011 7/27/2011 2/6/2019 12.08 - 198,679 5.03 1,000,000 34.1% - 37.5% 14.50 14.20 0.35 0.35 x

Wesbanco, Inc. WSBC 12/11/2009 12/23/2009 12/5/2018 25.61 - 439,282 2.16 950,000 38.1% - 40.7% 12.41 12.71 0.17 0.17 x

Sterling Bancorp STL 5/13/2011 5/18/2011 12/23/2018 12.19 - 516,817 1.83 945,775 30.9% - 33.5% 9.50 10.06 0.19 0.18 x

MutualFirst Financial, Inc. MFSF 9/20/2011 9/28/2011 12/23/2018 7.77 - 625,135 1.44 900,194 30.9% - 33.2% 7.03 7.52 0.20 0.19 x

Alliance Financial Corporation ALNC 6/12/2009 6/17/2009 12/19/2018 23.33 - 173,069 5.20 900,000 13.8% - 17.0% 26.61 25.50 0.20 0.20 x

Flushing Financial Corporation FFIC 12/28/2009 12/30/2009 12/19/2018 13.97 Yes 375,806 2.39 900,000 22.4% - 25.9% 11.73 10.92 0.20 0.22 x

Decision Date QEO? 

(i.e. 

warrants 

cut by 

50%)

*CPP preferred auction participant 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

21

Warrant Repurchases Ordered by Amount of Proceeds

(continued)

Institution Name Ticker

Decision 

Date

Payment 

Date

Expiration 

Date

Strike 

Price 

Final 

Warrant 

Shares

Warrant 

Repurchase 

Price/Share

Warrant 

Repurchase 

Proceeds

Estimated

Implied

Volatility*

Stock 

Price

20-day 

Avg 

Stock 

Price

Warrant 

Price / 

Stock 

Price

Underlying 

/ Strike

First Midwest Bancorp, Inc. FMBI 12/6/2011 12/21/2011 12/15/2018 22.18 - 1,305,230 0.69 900,000 31.3% - 33.2% 9.29 9.16 0.07 0.08 x

AmeriServ Financial, Inc. ASRV 10/27/2011 11/2/2011 12/19/2018 2.40 - 1,312,500 0.63 825,000 36.7% - 41.2% 1.86 1.89 0.34 0.33 x

Connecticut Bank and Trust Company BHLB 4/16/2012 4/20/2012 12/19/2018 12.20 - 66,958 11.84 792,783 25.46% - 29.22 21.68 22.65 0.55 0.52 x

Wilshire Bancorp* WIBC 6/18/2012 6/20/2012 12/12/2018 9.82 - 949,460 0.80 760,000 36.5% - 38.8% 5.01 5.08 0.16 0.16 x

New Hampshire Thrift Bancshares, Inc. NHTB 2/9/2012 2/15/2012 1/16/2019 8.14 - 184,275 4.00 737,100 23.6% - 26.1% 12.01 12.00 0.33 0.33 x

West Bancorporation, Inc. WTBA 8/23/2011 8/31/2011 12/31/2018 11.39 - 474,100 1.48 700,000 31.8% - 34.2% 8.44 8.91 0.17 0.17 x

HF Financial Corp. HFFC 6/29/2009 6/30/2009 11/21/2018 12.40 - 302,419 2.15 650,000 18.3% - 21.5% 11.95 12.08 0.18 0.18 x

North Central Bancshares, Inc. FFFD 1/4/2012 1/11/2012 1/9/2019 15.43 - 99,157 6.05 600,000 29.9% - 33.4% 17.70 17.80 0.34 0.34 x

First California Financial Group, Inc FCAL 8/9/2011 8/24/2011 12/19/2018 6.26 - 599,042 1.00 599,042 45.2% - 48.4% 3.15 3.60 0.32 0.28 x

Wainwright Bank and Trust WAIN 12/11/2009 12/16/2009 12/19/2018 8.46 - 390,071 1.46 568,700 27.8% - 30.7% 7.00 6.75 0.21 0.22 x

LSB Corporation LSBX 12/8/2009 12/16/2009 12/12/2018 10.74 - 209,497 2.67 560,000 22.1% - 25.3% 11.28 11.00 0.24 0.24 x

Oak Valley Bancorp OVLY 9/20/2011 9/28/2011 12/5/2018 5.78 - 350,346 1.60 560,000 35.5% - 38.6% 5.41 5.53 0.30 0.29 x

Pathfinder Bancorp, Inc. PBHC 1/27/2012 2/1/2012 9/11/2019 6.58 - 154,354 3.48 537,633 24.6% - 28.8% 9.22 9.20 0.38 0.38 x

Codorus Valley Bancorp, Inc. CVLY 9/13/2012 9/28/2011 1/9/2019 9.38 - 263,859 2.00 526,604 29.7% - 32.0% 9.11 9.89 0.22 0.20 x

Community Partners Bancorp CPBC 10/18/2011 10/26/2011 1/30/2019 4.33 - 311,972 1.47 460,000 27.7% - 31.9% 4.62 4.68 0.32 0.32 x

DNB Financial Corporation DNBF 8/31/2011 9/21/2011 1/30/2019 9.46 - 186,311 2.46 458,000 25.0% - 28.1% 9.85 10.11 0.25 0.24 x

Union Bankshares Corporation UBSH 12/16/2009 12/23/2009 12/19/2018 20.94 Yes 211,318 2.13 450,000 30.3% - 33.0% 11.93 11.93 0.18 0.18 x

Heritage Financial Corporation HFWA 8/5/2011 8/17/2011 11/21/2018 13.04 Yes 138,037 3.26 450,000 24.9% - 28.33% 12.57 12.87 0.26 0.25 x

OceanFirst Financial Corp OCFC 1/28/2010 2/3/2010 1/16/2019 15.07 Yes 190,427 2.26 430,797 31.2% - 34.2% 10.45 10.97 0.22 0.21 x

Citizens & Northern Corporation CZNC 8/25/2010 9/1/2010 1/16/2019 20.36 - 194,794 2.05 400,000 41.9% - 44.4% 10.73 11.12 0.19 0.18 x

First Northern Community Bancorp FNRN 10/28/2011 11/16/2011 3/13/2019 7.39 - 352,977 1.06 375,000 32.0% - 35.1% 4.60 4.57 0.23 0.23 x

Central Jersey Bancorp CJBK 12/1/2010 12/1/2010 12/23/2018 6.31 - 268,621 1.19 319,659 N/A 7.49 7.45 0.16 0.16 x

Summit State Bank SSBI 9/8/2011 9/14/2011 12/19/2018 5.33 - 239,212 1.32 315,000 24.7% - 29.1% 5.99 6.26 0.22 0.21 x

Somerset Hills Bancorp SOMH 6/17/2009 6/24/2009 1/16/2019 6.82 - 163,065 1.69 275,000 14.8% - 18.4% 7.80 7.73 0.22 0.22 x

Monarch Financial Holdings MNRK 2/1/2010 2/10/2010 12/19/2018 8.33 Yes 132,353 1.96 260,000 27.8% - 32.4% 6.40 6.48 0.31 0.30 x

Bar Harbor Bankshares BHB 7/22/2010 7/28/2010 1/16/2019 26.81 Yes 52,455 4.77 250,000 18.2% - 20.9% 27.00 25.61 0.18 0.19 x

Center Bancorp, Inc. CNBC 11/22/2011 12/7/2011 1/9/2019 8.65 Yes 86,705 2.83 245,000 36.9% - 39.8% 9.31 9.54 0.30 0.30 x

Citizens South Banking Corporation CSBC 11/2/2011 11/9/2011 12/19/2018 6.83 - 450,314 0.50 225,157 30.5% - 32.7% 3.97 3.97 0.13 0.13 x

Old Line Bancshares OLBK 8/20/2009 9/2/2009 12/5/2018 7.40 - 141,892 1.59 225,000 26.3% - 30.1% 6.10 6.21 0.26 0.26 x

CenterState Banks, Inc. CSFL 10/21/2009 10/28/2009 11/21/2018 16.67 Yes 125,413 1.69 212,000 34.9% - 38.2% 7.47 7.64 0.23 0.22 x

Salisbury Bancorp, Inc. SAL 10/28/2011 11/2/2011 3/13/2019 22.93 - 57,671 3.55 205,000 21.7% - 23.8% 22.88 22.62 0.16 0.16 x

Central Valley Community Bancorp CVCY 9/9/2011 9/28/2011 1/30/2019 6.64 Yes 79,067 2.34 185,017 37.8% - 42.4% 5.97 6.13 0.39 0.38 x

Bank of Commerce Holdings BOCH 10/17/2011 10/26/2011 11/14/2019 6.29 - 405,405 0.31 125,000 33.9% - 35.7% 3.30 3.31 0.09 0.09 x

Peapack-Gladstone Financial Corporation PGC 1/0/1900 4/4/2012 1/9/2019 28.63 - 150,296 0.73 110,000 26.5% - 28.2% 12.61 12.58 0.06 0.06 x

Stewardship Financial Corporation SSFN 10/11/2011 10/26/2011 1/30/2019 11.24 - 133,475 0.80 107,398 42.5% - 44.7% 5.39 5.63 0.15 0.14 x

Manhattan Bancorp MNHN 10/9/2009 10/14/2009 12/5/2018 8.65 - 29,480 2.15 63,364 29.7% - 34.8% 6.60 6.53 0.33 0.33 x

Seacoast Banking Corporation of Florida* SBCF 1/0/1900 5/30/2012 12/19/2018 6.36 Yes 589,623 0.09 55,000 39.8% - 41.5% 1.51 1.57 0.06 0.06 x

Emclaire Financial Corp. EMCF 11/16/2011 12/7/2011 12/23/2018 22.45 - 50,111 1.02 51,113 22.8% - 24.5% 15.47 15.42 0.07 0.07 x

Shore Bancshares, Inc. SHBI 11/2/2011 11/16/2011 1/9/2019 21.68 - 172,970 0.14 25,000 33.6% - 35.1% 4.97 4.88 0.03 0.03 x

Mercantile Bank Corporation MBWM 6/26//2012 7/3/2012 5/15/2019 5.11 - 616,438 12.11 7,465,100 N/A 17.22 15.98 0.70 0.76 x

United Bancorp, Inc.* UBMI 6/29/2012 7/18/2012 1/16/2019 9.92 - 311,492 0.12 38,000 28.3% - 29.8% 3.55 3.37 0.03 0.04 x

Taylor Capital Group, Inc.* TAYC 7/11/2012 7/18/2012 11/21/2018 10.75 - 1,462,647 6.73 9,839,273 30.5% - 35.9% 16.15 15.69 0.42 0.43 x

Farmers Capital Bank Corporation* FFKT 7/9/2012 7/18/2012 1/9/2019 20.09 - 223,992 0.33 75,000 33.1% - 34.8% 6.55 6.56 0.05 0.05 x

Pinnacle Financial Partners, Inc. PNFP 6/21/2012 7/18/2012 12/12/2018 26.64 Yes 267,455 2.82 755,000 25.8% - 28.3% 18.69 17.45 0.15 0.16 x

LNB Bancorp Inc.* LNBB 6/27/2012 7/18/2012 12/12/2018 6.74 - 561,343 1.53 860,326 31.4% - 34.8% 6.58 6.38 0.23 0.24 x

Firstbank Corporation* FBMI 7/10/2012 7/18/2012 1/30/2019 8.55 - 578,947 3.36 1,946,670 39.2% - 43.4% 9.80 9.93 0.34 0.34 x

Southern First Bancshares, Inc.* SFST 7/11/2012 7/25/2012 2/27/2019 6.49 - 399,970 2.75 1,100,000 33.4% - 38.5% 8.29 8.15 0.33 0.34 x

VIST Financial Corporation VIST 7/25/2012 8/1/2012 12/19/2018 10.19 - 367,984 3.23 1,189,813 27.8% - 30.6% 37.95 38.21 0.09 0.08 x

Peoples Bancorp of North Carolina, Inc.* PEBK 7/12/2012 8/8/2012 12/23/2018 10.52 - 357,234 1.19 425,000 31.4% - 34.0% 8.25 8.17 0.14 0.15 x

Pulaski Financial Corp* PULB 7/12/2012 8/8/2012 1/16/2019 6.27 - 778,421 1.41 1,100,000 25.8% - 28.0% 7.59 7.48 0.19 0.19 x

BBCN Bancorp, Inc./Nara Bancorp BBCN 7/31/2012 8/8/2012 11/21/2018 9.64 Yes 521,266 4.20 2,189,317 33.2% - 37.4% 11.34 11.11 0.37 0.38 x

Ameris Bancorp* ABCB 8/15/2012 8/22/2012 11/21/2018 11.17 - 698,554 3.82 2,670,000 37.9% - 41.7% 11.40 11.79 0.34 0.32 x

First Citizens Banc Corp.* FCZA 8/16/2012 9/5/2012 1/23/2019 7.41 - 469,312 1.20 563,174 47.3% - 50.3% 5.42 5.60 0.22 0.21 x

WSFS Financial Corporation* WSFS 8/29/2012 9/12/2012 1/23/2019 45.08 - 175,105 10.28 1,800,000 31.4% - 34.7% 40.94 41.32 0.25 0.25 x

Indiana Community Bancorp INCB 9/7/2012 9/12/2012 12/12/2018 17.09 - 188,707 9.54 1,800,000 52.0% - 29.9% 25.73 24.58 0.37 0.39 x

BNC Bancorp* BNCN 9/6/2012 9/19/2012 12/5/2018 8.63 - 543,337 1.73 939,920 38.5% - 41.2% 7.66 7.75 0.23 0.22 x

Sterling Financial Corporation STSA 9/11/2012 9/19/2012 8/26/2020 13.20 - 97,541 8.46 825,000 N/A 21.69 20.91 0.39 0.40 x

First Community Corporation* FCCO 10/25/2012 11/1/2012 11/21/2018 8.69 - 195,915 1.52 297,500 25.8% - 28.7% 8.60 8.51 0.18 0.18 x

PrivateBancorp, Inc. PVTB 11/7/2012 11/14/2012 1/30/2019 28.35 Yes 645,013 1.90 1,225,000 29.4% - 31.8% 15.50 16.45 0.12 0.12 x

Pacific Capital Bancorp PCBC 11/28/2012 11/30/2012 8/31/2020 20.00 - 15,120 26.00 393,121 N/A 46.00 45.91 0.57 0.57 x

Mackinac Financial Corporation* MFNC 12/11/2012 12/19/2012 4/24/2019 4.14 - 398,734 3.26 1,300,000 40.2% - 46.0% 7.07 7.19 0.46 0.45 x

Northeast Bancorp NBN 11/29/2012 12/28/2012 12/12/2018 9.33 - 67,958 1.40 95,000 23.9% - 26.3% 9.26 9.15 0.15 0.15 x

TOTAL 121 26 $3,781,900,364

Decision Date QEO? 

(i.e. 

warrants 

cut by 

50%)
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

22

Warrant Sales Ordered by Amount of Proceeds		 Institution Name Ticker

	 	

Announce 

Date

Auction 

Date

Expiration 

Date

Strike 

Price 

Warrant 

Shares

Warrant 

Auction 

Price 

Per Share

Warrant Auction

Gross Proceeds

Estimated 

Implied 

Volatilty*

Stock 

Price

20-day 

Avg 

Stock 

Price

Warrant 

Price / 

Stock 

Price

Underlying 

/ Strike

Bank of America Corporation (TIP) BAC 3/1/2010 3/3/2010 1/16/2019 $13.30 - 150,375,940 $8.35 $1,255,639,099 32.1% - 36.8% $16.37 $15.59 0.51 1.23 xJPMorgan Chase & Co. JPM 12/8/2009 12/10/2009 10/28/2018 42.42 - 88,401,697 10.75 950,318,243 23.8% - 27.5% 41.27 42.24 0.26 0.97 xWells Fargo & Company WFC 5/18/2010 5/20/2010 10/28/2018 34.01 - 110,262,688 7.70 849,014,998 30.6% - 34.0% 28.69 32.21 0.27 0.84 xThe Hartford Financial Services Group, Inc. HIG 9/20/2010 9/21/2010 6/29/2019 9.79 - 52,093,973 13.70 713,687,430 14.4% - 24.8% 23.16 21.68 0.59 2.37 xPNC Financial Services PNC 4/27/2010 4/29/2010 12/13/2018 67.33 - 16,885,192 19.20 324,195,686 27.6% - 31.3% 66.06 64.68 0.29 0.98 xBank of America Corporation (CPP) BAC 3/1/2010 3/3/2010 10/28/2018 30.79 - 121,792,790 2.55 310,571,615 30.9% - 33.5% 16.37 15.59 0.16 0.53 xCitigroup, Inc. (TIP/AGP) C 1/24/2011 1/25/2011 1/4/2019 10.61 - 255,033,142 1.01 257,583,473 34.8% - 37.9% 4.82 4.89 0.21 0.45 xLincoln National Corporation LNC 9/15/2010 9/16/2010 7/10/2019 10.92 - 13,049,451 16.60 216,620,887 29.9% - 44.7% 24.72 23.84 0.67 2.26 xComerica Inc. CMA 5/4/2010 5/6/2010 11/14/2018 29.40 - 11,479,592 16.00 183,673,472 28.6% - 32.3% 41.43 42.21 0.39 1.41 xCapital One Financial Corp. COF 12/1/2009 12/3/2009 11/14/2018 42.13 - 12,657,960 11.75 148,731,030 34.6% - 38.2% 36.92 38.66 0.32 0.88 xCitigroup, Inc. (CPP) C 1/24/2011 1/25/2011 10/28/2018 17.85 - 210,084,034 0.26 54,621,849 31.9% - 33.7% 4.82 4.89 0.05 0.27 xM&T Bank Corporation MTB 12/10/2012 12/12/2012 12/23/2018 73.86 - 1,218,522 26.50 32,290,833 21.9% - 24.3% 97.80 97.68 0.27 1.32 xWintrust Financial Corporation WTFC 2/7/2011 2/8/2011 12/19/2018 22.82 - 1,643,295 15.80 25,964,061 21.9% - 32.0% 33.24 32.96 0.48 1.46 xWebster Financial Corporation WBS 6/1/2011 6/2/2011 11/21/2018 18.28 - 3,282,726 6.30 20,678,339 28.2% - 32.1% 19.86 20.62 0.32 1.09 xSunTrust Banks, Inc. (A Warrant) STI 9/21/2011 9/22/2011 12/31/2018 33.70 - 6,008,902 2.70 16,224,035 28.7% - 30.6% 16.89 18.92 0.16 0.50 xWashington Federal, Inc WFSL 3/8/2010 3/9/2010 11/14/2018 17.57 - 1,707,456 9.15 15,623,222 48.6% - 53.5% 19.38 19.41 0.47 1.10 xSunTrust Banks, Inc. (B Warrant) STI 9/21/2011 9/22/2011 11/14/2018 44.15 - 11,891,280 1.20 14,269,536 30.0% - 32.3% 16.89 18.92 0.07 0.38 xSignature Bank SBNY 3/8/2010 3/10/2010 12/12/2018 30.21 - 595,829 19.00 11,320,751 23.1% - 29.0% 38.75 36.83 0.49 1.28 xTCF Financial Corporation TCB 12/14/2009 12/15/2009 11/14/2018 16.93 - 3,199,988 3.00 9,599,964 28.8% - 32.1% 13.22 12.78 0.23 0.78 xZions Bancorporation ZION 11/28/2012 11/30/2012 11/14/2018 36.27 - 5,789,909 1.35 7,816,377 24.9% - 26.7% 20.22 20.31 0.07 0.56 xTexas Capital Bancshares, Inc. TCBI 3/8/2010 3/11/2010 1/16/2019 14.84 - 758,086 8.85 6,709,061 24.4% - 29.9% 18.41 17.06 0.48 1.24 xBoston Private Financial Holdings, Inc. BPFH 1/31/2011 2/1/2011 11/21/2018 8.00 - 2,887,500 2.20 6,352,500 27.1% - 31.9% 6.98 6.66 0.32 0.87 xValley National Bancorp VLY 5/17/2010 5/18/2010 11/14/2018 17.77 - 2,532,542 2.20 5,571,592 25.1% - 27.5% 14.80 15.49 0.15 0.83 xAssociated Banc-Corp ASBC 11/29/2011 11/30/2011 11/21/2018 19.77 - 3,983,308 0.90 3,584,977 28.8% - 30.7% 10.40 10.52 0.09 0.53 xFirst Financial Bancorp FFBC 6/1/2010 6/2/2010 12/23/2010 12.90 Yes 465,117 6.70 3,116,284 39.9% - 43.8% 15.87 16.81 0.42 1.23 xSterling Bancshares, Inc. SBIB 6/7/2010 6/9/2010 12/12/2018 7.18 - 2,615,557 1.15 3,007,891 30.1% - 34.2% 5.00 5.41 0.23 0.70 x

TOTAL 26 1 $5,446,787,206

Auction Date

QEO? 

(i.e. 

warrants 

cut by 

50%)

* Volatility implied by the repurchase price using stock price on auction date and UST estimates for dividend yield and borrow cost; reflects discounts to a modeled valuation for illiquidity, risk of cash takeout, etc. 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

23

Private Placement Sale of Warrants by Amount of Proceeds Institution Name Ticker

	 	

Announce 

Date

Auction 

Date

Expiration 

Date

Strike 

Price 

Warrant 

Shares

Warrant 

Auction 

Price 

Per Share

Warrant 

Auction

Gross Proceeds

Estimated 

Implied 

Volatilty*

Stock 

Price

20-day 

Avg 

Stock 

Price

Warrant 

Price / 

Stock 

Price

Underlying 

/ Strike

Eagle Bancorp, Inc. EGBN 11/15/2011 11/17/2011 12/5/2018 $7.44 Yes 385,434 $7.25 $2,794,422 25.8% - 34.1% $13.44 $13.48 0.54 1.81 xHorizon Bancorp HBNC 11/15/2011 11/17/2011 12/19/2018 17.67 - 212,188 8.25 1,750,551 61.8% - 66.4% 16.33 16.59 0.51 0.92 xBank of Marin Bancorp BMRC 11/15/2011 11/17/2011 12/5/2018 27.11 - 154,908 11.00 1,703,984 14.0% - 18.9% 36.65 35.33 0.30 1.35 xFirst BanCorp FBNC 11/15/2011 11/17/2011 1/9/2019 15.82 - 616,308 1.50 924,462 28.6% - 33.9% 10.41 11.20 0.14 0.66 xWestamerica Bancorporation WABC 11/15/2011 11/17/2011 2/13/2019 50.91 - 246,698 3.56 878,256 11.1% - 16.0% 43.99 44.51 0.08 0.86 xLakeland Financial Corp LKFN 11/15/2011 11/17/2011 2/27/2019 21.20 Yes 198,269 4.43 877,557 12.6% - 15.9% 24.19 23.82 0.18 1.14 xF.N.B. Corporation FNB 11/15/2011 11/17/2011 1/9/2019 11.52 Yes 651,042 1.06 690,100 20.8% - 22.5% 10.54 10.38 0.10 0.91 xEncore Bancshares EBTX 11/15/2011 11/17/2011 12/5/2018 14.01 - 364,026 1.75 637,071 20.8% - 22.4% 10.76 11.53 0.16 0.77 xLCNB Corporation LCNB 11/15/2011 11/17/2011 1/9/2019 9.26 - 217,063 2.78 602,557 N/A 13.00 12.98 0.21 1.40 xWestern Alliance Bancorporation WAL 11/15/2011 11/17/2011 11/21/2018 13.34 Yes 787,107 0.53 415,000 25.6% - 27.7% 6.08 6.33 0.09 0.46 xFirst Merchants Corporation FRME 11/15/2011 11/17/2011 2/20/2019 17.55 - 991,453 0.37 367,500 26.2% - 27.9% 8.02 8.19 0.05 0.46 x1st Constitution Bancorp FCCY 11/15/2011 11/17/2011 12/23/2018 7.77 - 231,782 1.41 326,576 17.6% - 21.8% 6.90 6.52 0.20 0.89 xMiddleburg Financial Corporation MBRG 11/15/2011 11/17/2011 1/30/2019 15.85 Yes 104,101 2.89 301,001 24.7% - 27.4% 14.50 14.54 0.20 0.91 xMidSouth Bancorp, Inc. MSL 11/15/2011 11/17/2011 1/9/2019 14.37 Yes 104,384 1.98 206,557 18.5% - 21.3% 12.69 13.13 0.16 0.88 xCoBiz Financial Inc. COBZ 11/15/2011 11/17/2011 12/19/2018 10.79 - 895,968 0.16 143,677 19.1% - 20.9% 5.18 5.22 0.03 0.48 xFirst Busey Corporation BUSE 11/15/2011 11/17/2011 3/6/2019 13.07 Yes 573,833 0.11 63,677 24.6% - 26.1% 4.89 5.01 0.02 0.37 xFirst Community Bancshares, Inc. FCBC 11/15/2011 11/17/2011 11/21/2018 35.26 Yes 88,273 0.35 30,600 28.3% - 29.8% 12.03 12.09 0.03 0.34 xTOTAL 17 8 $12,713,548

Auction Date

QEO? 

(i.e. 

warrants 

cut by 

50%)

* Volatility implied by the repurchase price using stock price on auction date and UST estimates for dividend yield and borrow cost; reflects discounts to a modeled valuation for illiquidity, risk of cash takeout, etc. 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

24

Warrant Auction Data Institution Ticker

	 	

Auction 

Date

Warrant 

Shares

Gross 

Proceeds 

($millions)

Underwriting 

Fees 

($millions)

Minimum 

Bid

Clearing 

Bid

Number

 of

 Bids

Number 

of 

Bidders

Coverage 

Ratio1

Market 

Orders 

Share of 

Demand2

Warrants 

Repurchased 

by Bank

 in Auction

Daily 

Liquidity 

Turnover3

Capital One Financial Corp. COF 12/3/2009 12,657,960 $148.73 $2.23 $7.50 $11.75 604 174 13.27 x 0.2% 0 0.2%JPMorgan Chase & Co. JPM 12/10/2009 88,401,697 950.32 14.25 8.00 10.75 754 381 6.47 x 0.3% 0 0.4%TCF Financial Corporation TCB 12/15/2009 3,199,988 9.60 0.15 1.50 3.00 470 135 18.25 x 1.8% 0 0.4%Bank of America Corporation (TIP) BAC 3/3/2010 150,375,940 1,255.64 18.83 7.00 8.35 1,489 535 4.40 x 1.0% 0 0.5%Bank of America Corporation (CPP) BAC 3/3/2010 121,792,790 310.57 4.66 1.50 2.55 1,246 570 10.67 x 1.7% 0 0.5%Washington Federal, Inc WFSL 3/9/2010 1,707,456 15.62 0.23 5.00 9.15 708 413 14.52 x 8.3% 0 0.1%Signature Bank SBNY 3/10/2010 595,829 11.32 0.17 16.00 19.00 409 68 8.22 x 0.7% 0 0.2%Texas Capital Bancshares, Inc. TCBI 3/11/2010 758,086 6.71 0.15 6.50 8.85 326 61 6.99 x 0.9% 0 0.2%PNC Financial Services PNC 4/29/2010 16,885,192 324.20 3.92 15.00 19.20 1,450 181 5.47 x 2.5% 0 0.4%Comerica Inc. CMA 5/6/2010 11,479,592 183.67 2.57 15.00 16.00 518 120 2.67 x 1.9% 0 0.3%Valley National Bancorp VLY 5/18/2010 2,532,542 5.57 0.15 1.70 2.20 183 34 6.59 x 1.2% 0 0.2%Wells Fargo & Company WFC 5/20/2010 110,261,688 849.01 8.64 6.50 7.70 859 297 3.86 x 2.3% 70,165,963 0.3%First Financial Bancorp FFBC 6/2/2010 465,117 3.12 0.15 4.00 6.70 142 66 10.32 x 2.0% 0 0.4%Sterling Bancshares, Inc. SBIB 6/9/2010 2,615,557 3.01 0.15 0.85 1.15 211 67 6.92 x 3.6% 0 0.2%Lincoln National Corporation LNC 9/16/2010 13,049,451 216.62 2.95 16.00 16.60 795 204 5.06 x 2.1% 2,899,159 0.3%Hartford Financial Services Group, Inc. HIG 9/21/2010 52,093,973 713.69 7.42 12.40 13.70 635 87 2.03 x 4.2% 0 0.2%Citigroup (TIP/AGP) C 1/25/2011 255,033,142 257.58 3.32 0.60 1.01 1,557 472 5.20 x 2.4% 0 0.2%Citigroup (CPP) C 1/25/2011 210,084,034 54.62 0.76 0.15 0.26 1,064 398 4.25 x 3.4% 0 0.1%Boston Private Financial Holdings, Inc. BPFH 2/1/2011 2,887,500 6.35 0.15 1.40 2.20 369 89 7.93 x 1.8% 0 0.1%Wintrust Financial Corporation WTFC 2/8/2011 1,643,295 25.96 0.36 13.50 15.80 340 64 7.00 x 1.6% 0 0.1%Webster Financial Corporation WBS 6/2/2011 3,282,276 20.68 0.29 5.50 6.30 144 30 3.90 x 1.8% 2,282,276 0.1%SunTrust Banks, Inc. (A Warrant) STI 9/22/2011 6,008,902 16.22 0.23 2.00 2.70 155 45 3.70 x 1.5% 4,008,902 0.2%SunTrust Banks, Inc. (B Warrant) STI 9/22/2011 11,891,280 14.27 0.20 1.05 1.20 119 30 2.57 x 0.1% 0 0.0%Associated Banc-Corp ASBC 11/30/2011 3,983,308 3.58 0.15 0.50 0.90 134 23 5.58 x 1.5% 0 0.0%Zions Bancorporation ZION 11/30/2012 5,789,909 7.82 0.15 0.90 1.35 133 42 7.00 x 0.1% 0 0.0%M&T Bank Corporation MTB 12/12/2012 1,218,522 32.29 0.45 23.50 26.50 135 35 5.23 x 0.3% 0 0.4%TOTAL/AVERAGE 26 $5,446.79 $72.70 575 177 5.41 x 2.0% 0.4%

Note: Totals for Coverage Ratio, Market Orders and Daily Liquidity are weighted averages. Total for Number of Bidders is a simple average. 1) Coverage Ratio = Gross Demand / Warrant Shares 2) Market Orders Share of Auction = Total Market Orders / Gross Demand A market order is a bid that specifies the number of warrants the bidder is willing to purchase without specifying the price it is willing to pay and is treated as a bid at the highest price received from any other bidder in the auction. 3) Daily Liquidity Turnover = Average Daily Trading Volume / Warrants Outstanding The liquidity calculation excludes the first five trading days after the auction which typically have higher than normal volume and uses data through December 30, 2012. The data source is Bloomberg. 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

25

Issuer Repurchases and Private Placement Sales of		

Warrant Preferreds or Warrant Sub Debt		

	 	

Institution Name

Repurchase 

Date

CPP 

Investment

($thousands)

Warrant 

Repurchase 

Date

Gross 

Warrant 

Proceeds

($thousands)

W.T.B. Financial Corporation 9/15/2011 $110,000 9/15/2011 $5,500

Plains Capital Corporation 9/27/2011 87,631 9/27/2011 4,382

Alpine Banks of Colorado** 9/20/2012 70,000 9/20/2012 3,325

Liberty Bancshares, Inc. 7/21/2011 57,500 7/21/2011 2,875

State Bankshares, Inc. 6/29/2011 50,000 6/29/2011 2,500

Exchange Bank** 8/9/2012 43,000 8/9/2012 2,075

Fidelity Financial Corporation** 8/9/2012 36,282 8/9/2012 1,743

Trinity Capital Corporation** 8/10/2012 35,539 8/10/2012 1,673

Marquette National Corporation** 8/10/2012 35,500 8/10/2012 1,465

Stearns Financial Services, Inc. 1/18/2012 24,900 1/18/2012 1,245

Community Trust Financial Corporation 7/6/2011 24,000 7/6/2011 1,200

TriState Capital Holdings, Inc. 9/26/2012 23,000 9/26/2012 1,150

CBS Banc-Corp** 8/10/2012 24,300 8/10/2012 1,119

Liberty Bancshares, Inc. 8/18/2011 57,500 8/18/2011 1,095

Central Community Corporation** 12/11/2012 22,000 12/11/2012 1,069

BancIndependent, Inc. 7/14/2011 21,100 7/14/2011 1,055

First Guaranty Bancshares, Inc. 9/22/2011 20,699 9/22/2011 1,030

Community First Bancshares Inc. 8/18/2011 20,000 8/18/2011 1,000

A.N.B. Corporation 8/25/2011 20,000 8/25/2011 1,000

D.L. Evans Bancorp 9/27/2011 19,891 9/27/2011 995

Sovereign Bancshares, Inc. 9/22/2011 18,215 9/22/2011 911

Commonwealth Bancshares, Inc.** 8/9/2012 20,400 8/9/2012 908

Park Bancorporation, Inc** 8/10/2012 23,200 8/10/2012 905

Peoples Bancorp 8/3/2011 18,000 8/3/2011 900

First NBC Bank Holding Company 8/4/2011 17,836 8/4/2011 892

The Baraboo Bancorporation, Inc.** 12/11/2012 20,749 12/11/2012 867

F&M Financial Corporation (NC)** 9/20/2012 17,000 9/20/2012 783

Stockmens Financial Corporation 3/16/2011 15,568 3/16/2011 778

Tri-County Financial Corporation 9/22/2011 15,540 9/22/2011 777

BankFirst Capital Corporation 9/8/2011 15,500 9/8/2011 775

Foresight Financial Group, Inc. 12/11/2012 15,000 12/11/2012 750

Centra Financial Holdings, Inc. 4/15/2009 15,000 4/15/2009 750

The Landrum Company 8/18/2011 15,000 8/18/2011 750

F&M Financial Corporation (TN)** 9/21/2012 17,243 9/21/2012 750

Nicolet Bankshares, Inc. 9/1/2011 14,964 9/1/2011 748

First Community Financial Partners, Inc.** 9/21/2012 22,000 8/10/2012 728

Magna Bank 8/18/2011 13,795 8/18/2011 690

Sword Financial Corporation 9/15/2011 13,644 9/15/2011 682

First Texas BHC, Inc. 9/15/2011 13,533 9/15/2011 677

Morrill Bancshares, Inc. 7/20/2011 13,000 7/20/2011 650

Medallion Bank 7/21/2011 9,698 7/21/2011 645

Adbanc, Inc 7/21/2011 12,720 7/21/2011 636

First National Corporation** 8/29/2012 13,900 8/29/2012 634

Peoples Bancorporation, Inc. 4/24/2012 12,660 4/24/2012 633

Security State Bancshares 9/22/2011 12,500 9/22/2011 625

First Manitowoc Bancorp, Inc. 5/27/2009 12,000 5/27/2009 600

Two Rivers Financial Group 9/1/2011 12,000 9/1/2011 600

FNB Bancorp 9/15/2011 12,000 9/15/2011 600

Pacific Coast Bankers' Bancshares 7/28/2011 11,600 7/28/2011 580

Brotherhood Bancshares, Inc. 9/15/2011 11,000 9/15/2011 550

Blue Ridge Bancshares, Inc.** 10/31/2012 12,000 10/31/2012 547

First Southern Bancorp, Inc. 6/16/2010 10,900 6/16/2010 545

Katahdin Bankshares Corp. 8/18/2011 10,449 8/18/2011 522

Midland States Bancorp, Inc. 12/23/2009 10,189 12/23/2009 509

1st United Bancorp, Inc. 11/18/2009 10,000 11/18/2009 500

BOH Holdings, Inc. 7/14/2011 10,000 7/14/2011 500

First Bankers Trustshares, Inc. 9/8/2011 10,000 9/8/2011 500

Northway Financial, Inc. 9/15/2011 10,000 9/15/2011 500

Penn Liberty Financial Corp. 9/1/2011 9,960 9/1/2011 498

Moneytree Corporation 9/15/2011 9,516 9/15/2011 476

Florida Business BancGroup, Inc. 9/22/2011 9,495 9/22/2011 475

Blackhawk Bancorp, Inc.** 10/31/2012 10,000 10/31/2012 475

FCB Bancorp, Inc. 9/22/2011 9,294 9/22/2011 465

UBT Bancshares, Inc. 8/11/2011 8,950 8/11/2011 450

GrandSouth Bancorporation 9/8/2011 6,319 9/8/2011 450

Equity Bancshares, Inc. 8/11/2011 8,750 8/11/2011 438

Georgia Commerce Bancshares, Inc. 2/16/2011 8,700 2/16/2011 435

Bancorp Financial, Inc. 8/18/2011 13,669 8/18/2011 410

Illinois State Bancorp 9/22/2011 4,000 9/22/2011 406

MS Financial, Inc. 10/19/2011 7,723 10/19/2011 386

Valley Commerce Bancorp 3/21/2012 7,700 3/21/2012 385

Regents Bancshares, Inc. 1/27/2012 12,700 1/27/2012 381

* Effective June 6, 2011, Northern State Bank changed its name to First Commerce Bank. 

** CPP preferred auction participant 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

26

Issuer Repurchases of Warrant Preferreds or Warrant Sub Debt

(continued)

	 	

Institution Name

Repurchase 

Date

CPP 

Investment

($thousands)

Warrant 

Repurchase 

Date

Gross 

Warrant 

Proceeds

($thousands)

Country Bank Shares, Inc.** 11/29/2012 7,525 11/29/2012 376

Centrix Bank & Trust 7/28/2011 7,500 7/28/2011 375

Gulfstream Bancshares, Inc. 8/18/2011 7,500 8/18/2011 375

The Little Bank, Incorporated** 10/31/2012 7,500 10/31/2012 375

Metro City Bank** 10/31/2012 7,700 10/31/2012 374

Avenue Financial Holdings 9/15/2011 7,400 9/15/2011 370

First BancTrust Corporation 10/24/2012 7,350 10/24/2012 368

First Gothenburg Bancshares, Inc.** 10/31/2012 7,570 10/31/2012 366

FFW Corporation** 11/30/2012 7,289 11/30/2012 362

Hamilton State Bancshares 4/13/2011 7,000 4/13/2011 350

Guaranty Bancorp, Inc. 9/15/2011 6,920 9/15/2011 346

HPK Financial Corporation 12/11/2012 9,000 12/11/2012 344

Security California Bancorp 9/15/2011 6,815 9/15/2011 341

Western Illinois Bancshares, Inc.** 11/9/2012 11,422 11/9/2012 339

WashingtonFirst Bankshares, Inc. 8/4/2011 6,842 8/4/2011 332

Steele Street Bank Corporation 9/1/2011 11,019 9/1/2011 331

HomeTown Bankshares Corporation** 10/31/2012 10,000 10/31/2012 319

Cardinal Bancorp II, Inc. 9/8/2011 6,251 9/8/2011 313

Moscow Bancshares, Inc. 12/5/2012 6,216 12/5/2012 311

OSB Financial Services, Inc. 10/5/2011 6,100 10/5/2011 305

Heritage Bankshares, Inc. 8/11/2011 10,103 8/11/2011 303

McLeod Bancshares, Inc. 8/18/2011 6,000 8/18/2011 300

American State Bancshares 11/2/2011 6,000 11/2/2011 300

Gateway Bancshares, Inc. 4/13/2012 6,000 4/13/2012 300

Beach Business Bank 6/27/2012 6,000 6/27/2012 300

ICB Financial 11/1/2012 6,000 11/1/2012 300

Howard Bancorp, Inc. 9/22/2011 5,983 9/22/2011 299

TCB Corporation 9/8/2011 9,720 9/8/2011 292

Leader Bancorp, Inc. 11/24/2010 5,830 11/24/2010 292

Security Business Bancorp 7/14/2011 5,803 7/14/2011 290

Central Bancshares, Inc. 7/6/2011 5,800 7/6/2011 290

Three Shores Bancorporation, Inc** 11/9/2012 5,677 11/9/2012 285

United Financial Banking Companies, Inc. 9/15/2011 5,658 9/15/2011 283

Presidio Bank** 12/11/2012 10,800 12/11/2012 281

The Private Bank of California 9/1/2011 5,450 9/1/2011 273

Catskill Hudson Bancorp, Inc 7/21/2011 3,000 7/21/2011 263

First Freedom Bancshares, Inc.** 11/9/2012 8,700 11/9/2012 259

Financial Security Corporation 7/21/2011 5,000 7/21/2011 250

Southern Illinois Bancorp, Inc. 8/25/2011 5,000 8/25/2011 250

First Express of Nebraska Inc. 2/15/2012 5,000 2/15/2012 250

BlackRidge Financial, Inc. 9/12/2012 5,000 9/12/2012 250

Heartland Bancshares, Inc. 7/17/2012 7,000 7/17/2012 248

First ULB Corp. 4/22/2009 4,900 4/22/2009 245

York Traditions Bank 7/14/2011 4,871 7/14/2011 244

Southern Heritage Bancshares, Inc. 9/8/2011 4,862 9/8/2011 243

BNC Financial Group, Inc. 8/4/2011 4,797 8/4/2011 240

First Menasha Bancshares, Inc. 9/15/2011 4,797 9/15/2011 240

Germantown Capital Corporation** 10/31/2012 4,967 10/31/2012 240

Cache Valley Banking Company 7/14/2011 4,640 7/14/2011 238

Monument Bank 8/11/2011 4,734 8/11/2011 237

Capital Bancorp, Inc. 12/30/2010 4,700 12/30/2010 235

Western Reserve Bancorp, Inc. 11/30/2012 4,700 11/30/2012 235

Puget Sound Bank 8/11/2011 4,500 8/11/2011 225

First Colebrook Bancorp, Inc. 9/22/2011 4,500 9/22/2011 225

Mainline Bancorp, Inc. 3/9/2012 4,500 3/9/2012 225

1st Enterprise Bank 9/1/2011 6,000 9/1/2011 220

HillTop Community Bancorp, Inc. 4/21/2010 4,000 4/21/2010 200

SBT Bancorp, Inc. 8/11/2011 4,000 8/11/2011 200

Enterprise Financial Services Group, Inc. 8/25/2011 4,000 8/25/2011 200

SV Financial, Inc. 8/31/2011 4,000 8/31/2011 200

Grand Capital Corporation 9/8/2011 4,000 9/8/2011 200

California Bank of Commerce 9/15/2011 4,000 9/15/2011 200

Texas National Bancorporation 5/19/2010 3,981 5/19/2010 199

Franklin Bancorp, Inc.** 11/13/2012 5,097 11/13/2012 197

Capital Pacific Bancorp** 11/9/2012 4,000 11/9/2012 194

Community Business Bank** 11/30/2012 3,976 11/30/2012 192

Redwood Capital Bancorp 7/21/2011 3,800 7/21/2011 190

Pascack Bancorp, Inc. 10/19/2011 3,756 10/19/2011 188

Triad Bancorp, Inc. 9/22/2011 3,700 9/22/2011 185

AMB Financial Corporation 9/22/2011 3,674 9/22/2011 184

Centric Financial Corporation 7/14/2011 6,056 7/14/2011 182

Merchants and Manufacturers Bank Corporation 9/8/2011 3,510 9/8/2011 176

* Effective June 6, 2011, Northern State Bank changed its name to First Commerce Bank. 

** CPP preferred auction participant 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

27

Issuer Repurchases of Warrant Preferreds or Warrant Sub Debt

(continued)

	 	

	 	

Institution Name

Repurchase 

Date

CPP 

Investment

($thousands)

Warrant 

Repurchase 

Date

Gross 

Warrant 

Proceeds

($thousands)

Providence Bank 9/15/2011 4,000 9/15/2011 175

Mercantile Capital Corp. 8/4/2011 3,500 8/4/2011 175

First Bank of Charleston, Inc. 7/21/2011 3,345 7/21/2011 167

KS Bancorp Inc.** 11/30/2012 4,000 11/30/2012 165

California Oaks State Bank 12/8/2010 3,300 12/8/2010 165

FPB Financial Corp 6/16/2010 3,240 6/16/2010 162

Union Bank & Trust Company 9/22/2011 3,194 9/22/2011 160

Community Financial Shares, Inc. 12/21/2012 6,970 12/21/2012 157

Highlands Bancorp, Inc. 9/22/2011 5,450 9/22/2011 155

Fortune Financial Corporation 9/15/2011 3,100 9/15/2011 155

Frontier Bancshares, Inc 10/6/2010 3,000 10/6/2010 150

Citizens Community Bank 7/28/2011 3,000 7/28/2011 150

Veritex Holdings, Inc. 8/25/2011 3,000 8/25/2011 150

Redwood Financial, Inc. 8/18/2011 2,995 8/18/2011 150

Sound Banking Co.** 11/13/2012 3,070 11/13/2012 149

Peoples Bancshares of TN, Inc.** 10/31/2012 3,900 10/31/2012 147

Customers Bancorp, Inc. 12/28/2011 2,892 12/28/2011 145

Clover Community Bankshares, Inc.** 11/29/2012 3,000 11/29/2012 139

Regent Capital Corporation, Inc. 7/21/2011 2,655 7/21/2011 133

CBB Bancorp** 11/29/2012 4,397 11/29/2012 133

Deerfield Financial Corporation 9/8/2011 2,639 9/8/2011 132

Congaree Bancshares, Inc.** 10/31/2012 3,285 10/31/2012 131

First Resource Bank 9/15/2011 2,417 9/15/2011 130

Community Investors Bancorp, Inc.** 12/20/2012 2,600 12/20/2012 130

Layton Park Financial Group, Inc.** 11/29/2012 3,000 11/29/2012 129

Community 1st Bank 12/19/2012 2,550 12/19/2012 128

TriSummit Bank** 11/29/2012 7,002 11/29/2012 126

Bank of Commerce** 11/30/2012 3,000 11/30/2012 125

AmeriBank Holding Company, Inc. 9/15/2011 2,492 9/15/2011 125

First Alliance Bancshares, Inc.** 12/20/2012 3,422 12/20/2012 120

First Financial Bancshares, Inc. 9/22/2011 3,756 9/22/2011 113

Columbine Capital Corp. 9/22/2011 2,260 9/22/2011 113

Financial Services of Winger, Inc. 9/1/2011 3,742 9/1/2011 112

CenterBank** 10/31/2012 2,250 10/31/2012 109

Bank of Southern California, N.A.** 12/20/2012 4,243 12/20/2012 107

Titonka Bancshares, Inc. 4/4/2012 2,117 4/4/2012 106

Surrey Bancorp/Surrey Bank & Trust 12/29/2010 2,000 12/29/2010 100

Nationwide Bankshares, Inc. 12/29/2010 2,000 12/29/2010 100

TCNB Financial Corp 8/3/2011 2,000 8/3/2011 100

Fresno First Bank 11/1/2012 1,968 11/1/2012 98

Hometown Bancshares, Inc.** 11/30/2012 1,900 11/30/2012 95

Security Bancshares of Pulaski County, Inc.** 12/11/2012 2,152 12/11/2012 94

Merchants and Planters Bancshares, Inc. 9/7/2011 1,881 9/7/2011 94

Monadnock Bancorp, Inc. 12/28/2012 1,834 12/28/2012 92

American Premier Bancorp 1/26/2011 1,800 1/26/2011 90

Seacoast Commerce Bank 9/1/2011 1,800 9/1/2011 90

Signature Bancshares, Inc. 12/15/2010 1,700 12/15/2010 85

Birmingham Bloomfield Bancshares, Inc 7/28/2011 1,635 7/28/2011 82

Regional Bankshares Inc.** 11/9/2012 1,500 11/9/2012 75

PFSB Bancorporation, Inc. 8/25/2011 1,500 8/25/2011 71

First Commerce Bank* 3/28/2012 2,571 3/28/2012 67

Valley Financial Group, Ltd. 9/22/2011 1,300 9/22/2011 65

The Victory Bancorp, Inc. 9/22/2011 1,505 9/22/2011 61

First Advantage Bancshares, Inc.** 12/11/2012 1,177 12/11/2012 54

State Bank of Bartley,The 9/22/2011 1,697 9/22/2011 51

Hyperion Bank** 12/20/2012 1,552 12/20/2012 51

Bern Bancshares, Inc. 9/1/2011 985 9/1/2011 50

Community Bancshares of MS** 11/30/2012 1,050 11/30/2012 50

Bank Financial Services, Inc.** 12/20/2012 1,004 12/20/2012 49

BankGreenville Financial Corp.** 11/9/2012 1,000 11/9/2012 47

Banner County Ban Corporation 7/28/2011 795 7/28/2011 40

Farmers State Bankshares, Inc. 7/21/2011 700 7/21/2011 40

First State Bank of Mobeetie 4/14/2010 731 4/14/2010 37

Midwest Regional Bancorp 11/10/2009 700 11/10/2009 35

Green City Bancshares, Inc. 7/14/2010 651 7/14/2010 33

Butler Point, Inc. 11/2/2011 607 11/2/2011 30

Colonial American Bank 10/26/2011 574 10/26/2011 29

Corning Savings and Loan Association** 11/30/2012 638 11/30/2012 29

Community Bancshares of Kansas, Inc 7/18/2012 500 7/18/2012 25

Haviland Bancshares, Inc. 12/29/2010 425 12/29/2010 21

The Freeport State Bank 12/19/2012 301 12/19/2012 15

TOTAL 215 $2,064,798 $96,194

* Effective June 6, 2011, Northern State Bank changed its name to First Commerce Bank. 

** CPP preferred auction participant 
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

28

Appendix II – Warrant Disposition Details
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

29

Old National Bancorp (ONB)

Repurchase of ONB Warrant

On May 6, 2009, Old National Bancorp (ONB) agreed to pay $1.20 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 813,008 shares of ONB at a strike price of $18.45 per share. 

The warrant had an expiration date of December 12, 2018. 

Note 1) At the time of the decision, the external asset managers had not been hired. Treasury relied on financial modeling consultants 

to provide third party input. The modeling consultants may not have had market expertise necessary to make reasonable assumptions 

for key inputs such as volatility and dividend yield. 2) At that time, legislation may have required that Treasury dispose of the 

warrants immediately. The fixed cost of disposing of the warrants was taken into consideration when analyzing the company’s 

determination of fair market value. 

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Market Quotes Third Party Model Valuation

$ Thousands

Old National Bancshares (ONB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $559,000

Final Bid - $1,200,000

ONB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,220 $1,490 $1,353 Four market indications

 Third Party $1,969 $3,054 $3,054 Third party valuation estimates

 Model Valuation $1,070 $1,652 $1,326 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

30

IBERIABANK (IBKC)

Repurchase of IBKC Warrant

On May 12, 2009, IBERIABANK Corporation (IBKC) agreed to pay $1.20 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 138,490 shares of IBKC at a strike price of $48.74 

per share. The warrant had an expiration date of December 5, 2018. 

Note 1) At the time of the decision, the external asset managers had not been hired. Treasury relied on financial modeling consultants 

to provide third party input. The modeling consultants may not have had market expertise necessary to make reasonable assumptions 

for key inputs such as volatility and dividend yield. 2) At that time, legislation may have required that Treasury dispose of the 

warrants immediately. The fixed cost of disposing of the warrants was taken into consideration when analyzing the company’s 

determination of fair market value. 

$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

$2,300

$2,500

Market Quotes Third Party Model Valuation

$ Thousands 

IBERIABANK Corporation (IBKC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $620,000

Final Bid - $1,200,000

IBKC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,350 $1,662 $1,566 Four market indications

 Third Party $1,370 $2,334 $2,334 Third party valuation estimates

 Model Valuation $1,156 $1,682 $1,421 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

31

Sun Bancorp, Inc. (SNBC)

Repurchase of SNBC Warrant

On May 19, 2009, Sun Bancorp, Inc. (SNBC) agreed to pay $2.10 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 1,620,545 shares of SNBC at a strike price of $8.27 per 

share. The warrant had an expiration date of January 9, 2019. 

Note 1) At the time of the decision, the external asset managers had not been hired. Treasury relied on financial modeling consultants 

to provide third party input. The modeling consultants may not have had market expertise necessary to make reasonable assumptions 

for key inputs such as volatility and dividend yield. 2) At that time, legislation may have required that Treasury dispose of the 

warrants immediately. The fixed cost of disposing of the warrants was taken into consideration when analyzing the company’s 

determination of fair market value. 

$800

$1,300

$1,800

$2,300

$2,800

$3,300

$3,800

$4,300

Market Quotes Third Party Model Valuation

$ Thousands 

Sun Bancorp (SNBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,049,000

Final Bid - $2,100,000

SNBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,080 $2,778 $2,096 Four market indications

 Third Party $2,000 $4,028 $4,028 Third party valuation estimates

 Model Valuation $1,974 $2,771 $2,252 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

32

FirstMerit Corporation (FMER)

Repurchase of FMER Warrant

On May 21, 2009, FirstMerit Corporation (FMER) agreed to pay $5.03 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 952,260 shares of FMER at a strike price of $19.69 per 

share. The warrant had an expiration date of January 9, 2019. 

Note 1) At the time of the decision, the common share price of FMER was $17.54 compared to the 20-day average price of $19.27. 

This difference was taken under consideration in Treasury’s analysis of the company’s determination of fair market value.

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

Market Quotes Third Party Model Valuation

$ Thousands 

Firstmerit Corporation (FMER)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $3,186,000

Final Bid - $5,025,000

FMER

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $4,082 $6,543 $4,918 Four market indications

 Third Party $5,428 $7,532 $6,485 External asset manager's valuation estimates

 Model Valuation $4,871 $5,930 $5,400 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

33

Independent Bank Corp. (INDB)

Repurchase of INDB Warrant

On May 21, 2009, Independent Bank Corp. (INDB) agreed to pay $2.20 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 481,664 shares of INDB at a strike price of $24.34 

per share. The warrant had an expiration date of January 9, 2019. 

 

$800

$1,300

$1,800

$2,300

$2,800

$3,300

$3,800

Market Quotes Third Party Model Valuation

$ Thousands

Independent Bank (INDB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $880,000

Final Bid - $2,200,000

INDB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,444 $2,432 $2,104 Three market indications

 Third Party $2,293 $3,482 $2,885 External asset manager's valuation estimates

 Model Valuation $1,754 $2,965 $2,345 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

34

Alliance Financial Corporation (ALNC)

Repurchase of ALNC Warrant

On June 12, 2009, Alliance Financial Corporation (ALNC) agreed to pay $900,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 173,069 shares of ALNC at a strike price of 

$23.33 per share. The warrant had an expiration date of December 19, 2018. 

 

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

Market Quotes Third Party Model Valuation

$ Thousands

Alliance Financial (ALNC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $320,000

Final Bid - $900,000

ALNC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $554 $952 $762 Three market indications

 Third Party $899 $1,244 $990 External asset manager's valuation estimates

 Model Valuation $741 $895 $818 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

35

SCBT Financial Corporation (SCBT)

Repurchase of SCBT Warrant

On June 16, 2009, SCBT Financial Corporation (SCBT) agreed to pay $1.40 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 303,083 shares of SCBT at a strike price of 

$32.06 per share. The warrant had an expiration date of January 16, 2019. 

Note 1) The third party modeled valuation assumed volatility of 46 percent. Treasury’s model assumed a significantly lower volatility 

closer to the historic volatility of the company and observable market prices. 

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Market Quotes Third Party Model Valuation

$ Thousands

SCBT Financial (SCBT)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $694,060

Final Bid - $1,400,000

SCBT

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $555 $1,789 $1,159 Five market indications

 Third Party $2,322 $3,261 $2,888 External asset manager's valuation estimates

 Model Valuation $1,137 $1,436 $1,281 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

36

Berkshire Hills Bancorp (BHLB)

Repurchase of BHLB Warrant

On June 17, 2009, Berkshire Hills Bancorp (BHLB) agreed to pay $1.04 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 226,330 shares of BHLB at a strike price of 

$26.51 per share. The warrant had an expiration date of December 19, 2018. 

 

$500

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

Market Quotes Third Party Model Valuation

$ Thousands

Berkshire Hills (BHLB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $875,000

Final Bid - $1,040,000

BHLB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $509 $758 $611 Three market indications

 Third Party $1,071 $1,974 $1,494 External asset manager's valuation estimates

 Model Valuation $827 $1,116 $971 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

37

Somerset Hills Bancorp (SOMH)

Repurchase of SOMH Warrant

On June 17, 2009, Somerset Hills Bancorp (SOMH) agreed to pay $275,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 163,065 shares of SOMH at a strike price of $6.82 per 

share. The warrant had an expiration date of January 16, 2019. 

 

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

$600

Market Quotes Third Party Model Valuation

$ Thousands

Somerset Hills (SOMH)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $193,000

Final Bid - $275,000

SOMH

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $122 $406 $266 Five market indications

 Third Party $374 $521 $447 External asset manager's valuation estimates

 Model Valuation $253 $299 $276 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

38

First Niagara Financial Group (FNFG)

Repurchase of FNFG Warrant

On June 19, 2009, First Niagara Financial Group (FNFG) agreed to pay $2.70 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 953,096 shares of FNFG at a strike price of 

$14.48 per share. The warrant had an expiration date of November 21, 2018. 

 

$900

$1,400

$1,900

$2,400

$2,900

$3,400

$3,900

$4,400

$4,900

$5,400

Market Quotes Third Party Model Valuation

$ Thousands

First Niagara (FNFG)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,500,000

Final Bid - $2,700,000

FNFG

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $953 $2,383 $1,646 Five market indications

 Third Party $3,455 $4,995 $4,221 External asset manager's valuation estimates

 Model Valuation $2,444 $3,175 $2,807 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

39

HF Financial Corp. (HFFC)

Repurchase of HFFC Warrant

On June 29, 2009, HF Financial Corp. (HFFC) agreed to pay $650,000 for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 302,419 shares of HFFC at a strike price of $12.40 per share. The 

warrant had an expiration date of November 21, 2018. 

 

$200

$300

$400

$500

$600

$700

$800

$900

Market Quotes Third Party Model Valuation

$ Thousands

HF Financial (HFFC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $464,987

Final Bid - $650,000

Second Bid - $600,000

HFFC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $251 $720 $424 Three market indications

 Third Party $686 $822 $753 External asset manager's valuation estimates

 Model Valuation $505 $622 $563 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

40

State Street Corporation (STT)

Repurchase of STT Warrant

On July 1, 2009, State Street Corporation (STT) agreed to pay $60.00 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 2,788,104 shares of STT at a strike price of $53.80 per 

share. The warrant had an expiration date of October 28, 2018. 

 

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Market Quotes Third Party Model Valuation

$ Thousands

State Street (STT)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $60,000,000

STT

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $15,557 $48,400 $33,138 Seven market indications

 Third Party $46,087 $64,796 $55,344 External asset manager's valuation estimates

 Model Valuation $51,836 $61,612 $56,698 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

41

U.S. Bancorp (USB)

Repurchase of USB Warrant

On July 8, 2009, U.S. Bancorp (USB) agreed to pay $139.00 million for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 32,679,102 shares of USB at a strike price of $30.29 per share. 

The warrant had an expiration date of November 14, 2018. 

 

$11,000

$31,000

$51,000

$71,000

$91,000

$111,000

$131,000

$151,000

$171,000

$191,000

Market Quotes Third Party Model Valuation

$ Thousands

US Bancorp (USB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $115,000,000

Final Bid - $139,000,000

Second Bid - $131,000,000

USB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $12,091 $174,833 $127,122 Six market indications

 Third Party $107,514 $182,676 $144,442 External asset manager's valuation estimates

 Model Valuation $117,451 $164,038 $140,485 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

42

BB&T Corporation (BBT)

Repurchase of BBT Warrant

On July 14, 2009, BB&T Corporation (BBT) agreed to pay $67.01 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 13,902,573 shares of BBT at a strike price of $33.81 per 

share. The warrant had an expiration date of November 14, 2018. 

 

$18,000

$28,000

$38,000

$48,000

$58,000

$68,000

$78,000

$88,000

Market Quotes Third Party Model Valuation

$ Thousands 

BB&T Corporation (BBT)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $20,854,000

Final Bid - $67,000,000

Second Bid - $41,700,000

Third Bid - $64,900,000

BBT

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $22,939 $57,974 $36,341 Five market indications

 Third Party $42,681 $81,747 $61,588 External asset manager's valuation estimates

 Model Valuation $55,000 $78,000 $67,000 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

43

Goldman Sachs Group, Inc. (GS)

Repurchase of GS Warrant

On July 21, 2009, Goldman Sachs Group, Inc. (GS) agreed to pay $1.10 billion for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 12,205,045 shares of GS at a strike price of $122.90 per 

share. The warrant had an expiration date of October 28, 2018. 

Note 1) At the time of the decision, the common share price of GS was $159.80 compared to the 20-day average price of $148.16. 

This difference was taken under consideration in Treasury’s analysis of the company’s determination of fair market value.

$550,000

$650,000

$750,000

$850,000

$950,000

$1,050,000

$1,150,000

Market Quotes Third Party Model Valuation

$ Thousands 

Goldman Sachs (GS)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $600,000,000

Final Bid - $1,100,000,000

Second Bid - $900,000,000

GS

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $732,000 $917,000 $826,000 Seven market indications

 Third Party $899,000 $1,058,000 $993,000 External asset manager's valuation estimates

 Model Valuation $808,000 $995,000 $902,000 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

44

American Express Company (AXP)

Repurchase of AXP Warrant

On July 27, 2009, American Express Company (AXP) agreed to pay $340.00 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 24,264,129 shares of AXP at a strike price of 

$20.95 per share. The warrant had an expiration date of January 9, 2019. 

 

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Market Quotes Third Party Model Valuation

$ Thousands

American Express (AXP)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $230,000,000

Final Bid - $340,000,000

Second Bid - $260,000,000

AXP

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $175,400 $298,200 $218,700 Six market indications

 Third Party $269,384 $349,049 $309,000 External asset manager's valuation estimates

 Model Valuation $248,200 $321,600 $284,700 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

45

Bank of New York Mellon Corporation (BK)

Repurchase of BK Warrant

On July 31, 2009, Bank of New York Mellon Corporation (BK) agreed to pay $136.00 million for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 14,516,129 shares of BK at a strike price 

of $31.00 per share. The warrant had an expiration date of October 28, 2018. 

$45,000

$65,000

$85,000

$105,000

$125,000

$145,000

$165,000

Market Quotes Third Party Model Valuation

$ Thousands

Bank of New York Mellon (BK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $79,000,000

Final Bid - $136,000,000

Second Bid - $118,000,000 Third Bid - $130,000,000

BK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $55,000 $137,000 $94,000 Seven market indications

 Third Party $108,400 $164,100 $136,100 External asset manager's valuation estimates

 Model Valuation $109,500 $161,600 $135,200 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

46

Morgan Stanley (MS)

Repurchase of MS Warrant

On August 5, 2009, Morgan Stanley (MS) agreed to pay $950.00 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 65,245,759 shares of MS at a strike price of $22.99 per 

share. The warrant had an expiration date of October 28, 2018. 

Note 1) At the time of the decision, the common share price of MS was $31.05 compared to the 20-day average price of $28.16. This 

difference was taken under consideration in Treasury’s analysis of the company’s determination of fair market value.

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

Market Quotes Third Party Model Valuation

$ Thousands 

Morgan Stanley (MS)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $500,000,000

Final Bid - $950,000,000

Second Bid - $800,000,000

Third Bid - $900,000,000

MS

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $495,000 $944,000 $731,000 Seven market indications

 Third Party $806,000 $1,002,000 $900,000 External asset manager's valuation estimates

 Model Valuation $749,915 $961,658 $855,218 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

47

Northern Trust Corporation (NTRS)

Repurchase of NTRS Warrant

On August 19, 2009, Northern Trust Corporation (NTRS) agreed to pay $87.00 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 3,824,624 shares of NTRS at a strike price of 

$61.81 per share. The warrant had an expiration date of November 14, 2018. 

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

$110,000

$120,000

Market Quotes Third Party Model Valuation

$ Thousands 

Northern Trust (NTRS)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $37,000,000

Final Bid - $87,000,000

Second Bid - $75,000,000

NTRS

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $53,500 $79,700 $68,760 Six market indications

 Third Party $71,000 $101,000 $86,000 External asset manager's valuation estimates

 Model Valuation $70,800 $96,700 $83,800 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

48

Old Line Bancshares, Inc. (OLBK)

Repurchase of OLBK Warrant

On August 20, 2009, Old Line Bancshares, Inc. (OLBK) agreed to pay $225,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 141,892 shares of OLBK at a strike price of $7.40 

per share. The warrant had an expiration date of December 5, 2018. 

$10

$60

$110

$160

$210

$260

$310

$360

Market Quotes Third Party Model Valuation

$ Thousands

Old Line Bancshares (OLBK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $175,000

Final Bid - $225,000

Second Bid - $205,000

OLBK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $28 $167 $102 Four market indications

 Third Party $201 $308 $254 External asset manager's valuation estimates

 Model Valuation $172 $257 $214 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

49

Bancorp Rhode Island, Inc. (BARI)

Repurchase of BARI Warrant

On September 21, 2009, Bancorp Rhode Island, Inc. (BARI) agreed to pay $1.40 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 192,967 shares of BARI at a strike price of $23.32 

per share. The warrant had an expiration date of December 19, 2018. 

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

Market Quotes Third Party Model Valuation

$ Thousands

Bancorp Rhode Island (BARI)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $856,773

Final Bid - $1,400,000

Second Bid - $1,125,000

BARI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $703 $1,427 $1,166 Three market indications

 Third Party $1,196 $1,760 $1,476 External asset manager's valuation estimates

 Model Valuation $1,200 $1,643 $1,423 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

50

Manhattan Bancorp (MNHN)

Repurchase of MNHN Warrant

On October 9, 2009, Manhattan Bancorp (MNHN) agreed to pay $63,364 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 29,480 shares of MNHN at a strike price of $8.65 per share. 

The warrant had an expiration date of December 5, 2018. 

$8

$18

$28

$38

$48

$58

$68

$78

Market Quotes Third Party Model Valuation

$ Thousands

Manhattan Bancorp (MNHN)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $63,364

MNHN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $10 $57 $34 Two market indications

 Third Party $45 $54 $50 External asset manager's valuation estimates

 Model Valuation $48 $64 $56 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

51

CenterState Banks, Inc. (CSFL)

Repurchase of CSFL Warrant

On October 20, 2009, CenterState Banks, Inc. (CSFL) agreed to pay $212,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 125,413 shares of CSFL at a strike price of $16.67 per 

share. The warrant had an expiration date of November 21, 2018. 

$90

$140

$190

$240

$290

Market Quotes Third Party Model Valuation

$ Thousands

Centerstate Banks of Florida (CSFL)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $168,053

Final Bid - $212,000

CSFL

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $94 $143 $125 Three market indications

 Third Party $159 $268 $236 External asset manager's valuation estimates

 Model Valuation $153 $269 $206 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

52

CVB Financial Corp. (CVBF)

Repurchase of CVBF Warrant

On October 21, 2009, CVB Financial Corp. (CVBF) agreed to pay $1.31 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 834,761 shares of CVBF at a strike price of 

$11.68 per share. The warrant had an expiration date of December 5, 2018. 

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

Market Quotes Third Party Model Valuation

$ Thousands

CVB Financial (CVBF)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,002,000

Final Bid - $1,307,000

CVBF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $551 $1,135 $917 Three market indications

 Third Party $785 $1,436 $1,110 External asset manager's valuation estimates

 Model Valuation $993 $1,711 $1,349 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

53

Bank of the Ozarks, Inc. (OZRK)

Repurchase of OZRK Warrant

On November 18, 2009, Bank of the Ozarks, Inc. (OZRK) agreed to pay $2.65 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 379,811 shares of OZRK at a strike price of 

$29.62 per share. The warrant had an expiration date of December 12, 2018. 

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Market Quotes Third Party Model Valuation

$ Thousands 

Bank of the Ozarks (OZRK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $2,160,743

Final Bid - $2,650,000

OZRK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,230 $3,240 $2,210 Three market indications

 Third Party $1,880 $3,110 $2,480 External asset manager's valuation estimates

 Model Valuation $1,917 $3,095 $2,509 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

54

LSB Corporation (LSBX)

Repurchase of LSBX Warrant

On December 8, 2009, LSB Corporation (LSBX) agreed to pay $560,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 209,497 shares of LSBX at a strike price of $10.74 per 

share. The warrant had an expiration date of December 12, 2018. 

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Market Quotes Third Party Model Valuation

$ Thousands 

LSB Corporation (LSBX)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $500,000

Final Bid - $560,000

LSBX

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $157 $883 $446 Four market indications

 Third Party $486 $773 $605 External asset manager's valuation estimates

 Model Valuation $459 $681 $569 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

55

Wainwright Bank of Trust Company (WAIN)

Repurchase of WAIN Warrant

On December 11, 2009, Wainwright Bank of Trust Company (WAIN) agreed to pay $568,700 for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 390,071 shares of WAIN at a strike price 

of $8.46 per share. The warrant had an expiration date of December 19, 2018. 

 

$200

$300

$400

$500

$600

$700

$800

Market Quotes Third Party Model Valuation

$ Thousands

Wainwright Bank and Trust (WAIN)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $568,700

WAIN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $289 $780 $532 Four market indications

 Third Party $491 $776 $632 External asset manager's valuation estimates

 Model Valuation $449 $632 $541 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

56

WesBanco, Inc. (WSBC)

Repurchase of WSBC Warrant

On December 11, 2009, WesBanco, Inc. (WSBC) agreed to pay $950,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 439,282 shares of WSBC at a strike price of $25.61 per 

share. The warrant had an expiration date of December 5, 2018. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Market Quotes Third Party Model Valuation

$ Thousands 

WesBanco, Inc. (WSBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $500,000

Final Bid - $950,000

WSBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $132 $1,204 $577 Four market indications

 Third Party $371 $955 $643 External asset manager's valuation estimates

 Model Valuation $585 $1,119 $851 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

57

Union Bankshares Corporation (UBSH)

Repurchase of UBSH Warrant

On December 16, 2009, Union Bankshares Corporation (UBSH) agreed to pay $450,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 211,318 shares of UBSH at a strike price of 

$20.94 per share. The warrant had an expiration date of December 19, 2018. 

 

$100

$200

$300

$400

$500

$600

$700

$800

Market Quotes Third Party Model Valuation

$ Thousands

Union Bankshares (UBSH)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $400,000

Final Bid - $450,000

UBSH

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $188 $687 $448 Four market indications

 Third Party $267 $595 $424 External asset manager's valuation estimates

 Model Valuation $279 $564 $410 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

58

Flushing Financial Corporation (FFIC)

Repurchase of FFIC Warrant

On December 28, 2009, Flushing Financial Corporation (FFIC) agreed to pay $900,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 375,806 shares of FFIC at a strike price of $13.97 

per share. The warrant had an expiration date of December 19, 2018. 

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

Market Quotes Third Party Model Valuation

$ Thousands 

First Bid - $597,000

Third Bid - $860,000

Second Bid - $700,000

Final Bid - $900,000

Flushing Financial (FFIC)

Estimates of Fair Market Value for US Treasury's Warrant Position

FFIC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $459 $1,240 $742 Three market indications

 Third Party $883 $1,131 $1,007 External asset manager's valuation estimates

 Model Valuation $623 $1,090 $850 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

59

Trustmark Corporation (TRMK)

Repurchase of TRMK Warrant

On December 29, 2009, Trustmark Corporation (TRMK) agreed to pay $10.00 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 1,647,931 shares of TRMK at a strike price of 

$19.57 per share. The warrant had an expiration date of November 21, 2018. 

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

$12,000

$13,000

Market Quotes Third Party Model Valuation

First Bid - $8,167,000

Second Bid - $9,200,000

Third Bid - $9,600,000

Final Bid - $10,000,000

$ Thousands

Trustmark Corporation (TRMK)

Estimates of Fair Market Value of US Treasury's Warrant Position

TRMK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $4,120 $10,547 $7,601 Four market indications

 Third Party $7,103 $10,942 $9,014 External asset manager's valuation estimates

 Model Valuation $7,876 $11,551 $9,704 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

60

OceanFirst Financial Corp. (OCFC)

Repurchase of OCFC Warrant

On January 21, 2010, OceanFirst Financial Corp. (OCFC) agreed to pay $430,797 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 190,427 shares of OCFC at a strike price of 

$15.07 per share. The warrant had an expiration date of January 16, 2019. 

$50

$150

$250

$350

$450

$550

$650

Market Quotes Third Party Model Valuation

$ Thousands

OceanFirst Financial Corp. (OCFC)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $430,797

OCFC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $152 $392 $281 Three market indications

 Third Party $308 $468 $388 External asset manager's valuation estimates

 Model Valuation $269 $508 $381 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

61

Monarch Financial Holdings, Inc. (MNRK)

Repurchase of MNRK Warrant

On February 1, 2010, Monarch Financial Holdings, Inc. (MNRK) agreed to pay $260,000 for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 132,353 shares of MNRK at a strike price of 

$8.33 per share. The warrant had an expiration date of December 19, 2018. 

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

Market Quotes Third Party Model Valuation

$ Thousands 

Monarch Financial Holdings, Inc. (MNRK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $209,118

Second Bid - $250,000

Final Bid - $260,000

MNRK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $132 $394 $263 Two market indications

 Third Party $201 $297 $260 External asset manager's valuation estimates

 Model Valuation $230 $321 $275 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

62

Umpqua Holdings Corporation (UMPQ)

Repurchase of UMPQ Warrant

On March 22, 2010, Umpqua Holdings Corporation (UMPQ) agreed to pay $4.50 million for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 1,110,898 shares of UMPQ at a strike price of 

$14.46 per share. The warrant had an expiration date of November 14, 2018. 

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

Market Quotes Third Party Model Valuation

$ Thousands 

Umpqua Holdings Corporation (UMPQ)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $2,055,161

Second Bid - $3,610,419

Third Bid - $4,250,000

Final Bid - $4,500,000

UMPQ

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $3,210 $344 $3,327 Two market indications

 Third Party $3,255 $5,088 $4,155 External asset manager's valuation estimates

 Model Valuation $3,361 $5,103 $4,265 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

63

City National Corporation (CYN)

Repurchase of CYN Warrant

On April 6, 2010, City National Corporation (CYN) agreed to pay $18.50 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 1,128,668 shares of CYN at a strike price of 

$53.16 per share. The warrant had an expiration date of November 21, 2018. 

$9,000

$11,000

$13,000

$15,000

$17,000

$19,000

$21,000

$23,000

$25,000

Market Quotes Third Party Model Valuation

$ Thousands 

City National Corporation (CYN)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $11,900,000

Second Bid - $17,500,000

Final Bid - $18,500,000

CYN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $12,585 $15,338 $14,278 Three market indications

 Third Party $14,298 $21,800 $18,016 External asset manager's valuation estimates

 Model Valuation $14,816 $21,947 $18,365 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

64

SVB Financial Group (SIVB)

Repurchase of SIVB Warrant

On June 8, 2010, SVB Financial Group (SIVB) agreed to pay $6.82 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 354,058 shares of SIVB at a strike price of $49.78 per 

share. The warrant had an expiration date of December 12, 2018. 

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

Market Quotes Third Party Model Valuation

$Thousands 

SVB Financial Group (SIVB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $3,800,000

Second Bid - $6,200,000

Final Bid - $6,820,000

SIVB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $4,483 $6,289 $5,524 Three market indications

 Third Party $7,690 $9,040 $8,364 External asset manager's valuation estimates

 Model Valuation $5,704 $7,897 $6,782 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

65

Discover Financial Services (DFS)

Repurchase of DFS Warrant

On June 29, 2010, Discover Financial Services (DFS) agreed to pay $172.00 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 20,500,413 shares of DFS at a strike price of 

$8.96 per share. The warrant had an expiration date of March 13, 2019. 

Note: The chart above shows Treasury’s warrant valuation analysis at the time of DFS’s last bid in late June 2010. Two months

earlier, DFS had placed bids of $165 million and $180 million on 4/23/10 and 5/4/10, respectively. At that time, DFS’s stock price 

was approximately 10 percent higher than it was in late June 2010. Accordingly, the bids were below the midpoints of Treasury’s 

various valuation metrics and were not accepted. When considering the $180 million bid in early May 2010, the midpoint valuation 

estimates were as follows: market indications $189 million, third party $198 million, and Treasury’s model $186 million.

$120,000

$130,000

$140,000

$150,000

$160,000

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

Market Quotes Third Party Model Valuation

$ Thousands

Discover Financial Services (DFS)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $165,000,000

Second Bid - $172,000,000

DFS

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $163,700 $168,103 $166,020 Three market indications

 Third Party $151,276 $187,655 $169,255 External asset manager's valuation estimates

 Model Valuation $137,293 $168,159 $152,404 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

66

Bar Harbor Bankshares (BHB)

Repurchase of BHB Warrant

On July 22, 2010, Bar Harbor Bankshares (BHB) agreed to pay $250,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 52,455 shares of BHB at a strike price of $26.81 per share. 

The warrant had an expiration date of January 16, 2019. 

Note: The chart above shows Treasury’s warrant valuation analysis at the time of BHB’s last bid of July 2010. Months earlier, BHB 

had placed bids of $67,000 and $175,000 on 3/10/10 and 4/23/10, respectively. The bids were below Treasury’s various valuation

metrics at that time and were not accepted. 

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

Market Quotes Third Party Model Valuation

$ Thousands

Bar Harbor Bankshares (BHB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $225,000

Second Bid - $250,000

BHB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $189 $196 $193 Two market indications

 Third Party $239 $393 $315 External asset manager's valuation estimates

 Model Valuation $182 $329 $255 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

67

Citizens & Northern Corporation (CZNC)

Repurchase of CZNC Warrant

On August 25, 2010, Citizens & Northern Corporation (CZNC) agreed to pay $400,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 194,794 shares of CZNC at a strike price of 

$20.36 per share. The warrant had an expiration date of January 16, 2019. 

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Market Quotes Third Party Model Valuation

$ Thousands

Citizens and Northern Corporation (CZNC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $400,000

CZNC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $127 $378 $245 Three market indications

 Third Party $620 $890 $753 External asset manager's valuation estimates

 Model Valuation $217 $415 $316 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

68

Columbia Banking System (COLB)

Repurchase of COLB Warrant

On August 25, 2010, Columbia Banking System (COLB) agreed to pay $3.30 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 398,023 shares of COLB at a strike price of 

$14.49 per share. The warrant had an expiration date of November 21, 2018. 

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Market Quotes Third Party Model Valuation

$ Thousands

Columbia Banking System, Inc. (COLB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $3,301,647

COLB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,950 $3,383 $2,632 Four market indications

 Third Party $2,639 $3,454 $3,042 External asset manager's valuation estimates

 Model Valuation $2,497 $3,299 $2,893 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

69

The Bancorp, Inc. (TBBK)

Repurchase of TBBK Warrant

On September 2, 2010, The Bancorp, Inc. (TBBK) agreed to pay $4.75 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 980,203 shares of TBBK at a strike price of $3.46 per 

share. The warrant had an expiration date of December 12, 2018. 

Note: The chart above shows Treasury’s warrant valuation analysis at the time of TBBK’s last bid in early September 2010. Months 

earlier, TBBK had placed bids of $3.55 million and $4.85 million on 3/15/10 and 3/29/10, respectively. At that time, TBBK’s stock 

price was more than 20 percent higher than it was in September 2010. Accordingly the bids were below some of the midpoints of 

Treasury’s various valuation metrics and were not accepted. When considering the $4.85 million bid in late March 2010, the midpoint 

valuation estimates were as follows: market indications $6.0 million, third party $4.6 million, and Treasury’s model $4.8 million.

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

Market Quotes Third Party Model Valuation

$ Thousands

The Bancorp, Inc. (TBBK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $4,753,985

TBBK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $3,666 $4,578 $4,122 Two market indications

 Third Party $4,558 $5,048 $4,960 External asset manager's valuation estimates

 Model Valuation $3,323 $3,881 $3,742 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

70

Fulton Financial Corporation (FULT)

Repurchase of FULT Warrant

On September 3, 2010, Fulton Financial Corporation (FULT) agreed to pay $10.80 million for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 5,509,756 shares of FULT at a strike price of 

$10.25 per share. The warrant had an expiration date of December 23, 2018. 

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Market Quotes Third Party Model Valuation

$ Thousands

Fulton Financial Corporation (FULT)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $8,000,000

Second Bid - $9,500,000

Third Bid - $10,800,000

FULT

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $8,525 $11,648 $10,288 Four market indications

 Third Party $6,832 $13,168 $9,918 External asset manager's valuation estimates

 Model Valuation $7,976 $13,155 $10,537 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

71

First PacTrust Bancorp, Inc. (FPTB)

Repurchase of FPTB Warrant

On December 30, 2010, First PacTrust Bancorp, Inc. (FPTB) agreed to pay $1.00 million for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 280,795 shares of FPTB at a strike price of 

$10.31 per share. The warrant had an expiration date of November 21, 2018. 

$200

$400

$600

$800

$1,000

$1,200

$1,400

Market Quotes Third Party Model Valuation

$ Thousands 

First PacTrust Bancorp, Inc. (FPTB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $291,152

Final Bid - $1,003,227

FPTB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $686 $1,253 $966 Three market indications

 Third Party $848 $1,231 $1,034 External asset manager's valuation estimates

 Model Valuation $693 $989 $837 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

72

Susquehanna Bancshares, Inc. (SUSQ)

Repurchase of SUSQ Warrant

On January 12, 2011, Susquehanna Bancshares, Inc. (SUSQ) agreed to pay $5.27 million for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 3,028,264 shares of SUSQ at a strike price of 

$14.86per share. The warrant had an expiration date of December 12, 2018. 

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

Market Quotes Third Party Model Valuation

$ Thousands

Susquehanna Bancshares, Inc. (SUSQ)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $4,481,804

Final Bid - $5,269,179

SUSQ

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $4,282 $477 $4,572 Three market indications

 Third Party $4,421 $7,235 $5,441 External asset manager's valuation estimates

 Model Valuation $3,350 $6,720 $5,029 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

73

Huntington Bancshares Incorporated (HBAN)

Repurchase of HBAN Warrant

On January 13, 2011, Huntington Bancshares Incorporated (HBAN) agreed to pay $49.10 million for the 

warrant held by Treasury which entitled the holder of the warrant to purchase 23,562,994 shares of HBAN at a 

strike price of $8.90per share. The warrant had an expiration date of November 14, 2018. 

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

$55,000

$60,000

$65,000

$70,000

Market Quotes Third Party Model Valuation

$ Thousands

Huntington Bancshares Incorporated (HBAN)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $49,100,000

HBAN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $41,235 $63,149 $48,125 Four market indications

 Third Party $32,069 $52,284 $42,038 External asset manager's valuation estimates

 Model Valuation $37,220 $57,182 $46,895 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

74

East West Bancorp, Inc. (EWBC)

Repurchase of EWBC Warrant

On January 21, 2011, East West Bancorp, Inc. (EWBC) agreed to pay $14.50 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 1,517,555 shares of EWBC at a strike price of 

$15.15 per share. The warrant had an expiration date of December 5, 2018. 

 

$10,000

$11,000

$12,000

$13,000

$14,000

$15,000

$16,000

$17,000

$18,000

Market Quotes Third Party Model Valuation

$ Thousands

East West Bancorp, Inc. (EWBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $12,000,000

Final Bid - $14,500,000

EWBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $12,645 $14,596 $13,655 Three market indications

 Third Party $12,701 $16,585 $14,588 External asset manager's valuation estimates

 Model Valuation $12,036 $15,754 $13,851 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

75

Sandy Spring Bancorp, Inc. (SASR)

Repurchase of SASR Warrant

On February 11, 2011, Sandy Spring Bancorp, Inc. (SASR) agreed to pay $4.45 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 651,547 shares of SASR at a strike price of 

$19.13 per share. The warrant had an expiration date of December 5, 2018. 

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

Market Quotes Third Party Model Valuation

$ Thousands

Sandy Spring Bancorp, Inc. (SASR)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $3,076,946

Second Bid - $3,430,000

Third Bid - $3,750,000

Fourth Bid - $4,200,000

Final Bid - $4,450,000

SASR

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $3,999 $4,291 $4,140 Three market indications

 Third Party $3,538 $5,021 $4,277 External asset manager's valuation estimates

 Model Valuation $3,582 $5,073 $4,323 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

76

Washington Banking Company (WBCO)

Repurchase of WBCO Warrant

On February 16, 2011, Washington Banking Company (WBCO) agreed to pay $1.63 million for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 246,082 shares of WBCO at a strike price 

of $8.04 per share. The warrant had an expiration date of January 16, 2019. 

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

$1,700

$1,800

$1,900

Market Quotes Third Party Model Valuation

$ Thousands

Washington Banking Company (WBCO)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,370,000

Second Bid - $1,575,000

Final Bid - $1,625,000

WBCO

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,599 $1,696 $1,647 Four market indications

 Third Party $1,405 $1,773 $1,585 External asset manager's valuation estimates

 Model Valuation $1,430 $1,708 $1,559 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

77

1st Source Corporation (SRCE)

Repurchase of SRCE Warrant

On March 2, 2011, 1st Source Corporation (SRCE) agreed to pay $3.75 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 837,947 shares of SRCE at a strike price of $19.87 per 

share. The warrant had an expiration date of January 23, 2019. 

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

Market Quotes Third Party Model Valuation

$ Thousands

1st Source Corporation (SRCE)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $3,250,000

Second and Final Bids -

$3,750,000

SRCE

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $3,233 $4,019 $3,755 Four market indications

 Third Party $2,566 $4,528 $3,527 External asset manager's valuation estimates

 Model Valuation $3,173 $4,820 $3,996 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

78

First Horizon National Corporation (FHN)

Repurchase of FHN Warrant

On March 4, 2011, First Horizon National Corporation (FHN) agreed to pay $79.70 million for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 14,842,321 shares of FHN at a strike price of 

$8.76 per share. The warrant had an expiration date of November 14, 2018. 

$40,000

$45,000

$50,000

$55,000

$60,000

$65,000

$70,000

$75,000

$80,000

$85,000

$90,000

$95,000

$100,000

$105,000

$110,000

Market Quotes Third Party Model Valuation

$ Thousands

First Horizon National Corporation (FHN)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $51,948,124

Final Bid - $79,700,000

FHN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $57,240 $84,085 $70,318 Four market indications

 Third Party $64,119 $79,258 $74,063 External asset manager's valuation estimates

 Model Valuation $74,165 $95,802 $84,485 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

79

Fifth Third Bancorp (FITB)

Repurchase of FITB Warrant

On March 14, 2011, Fifth Third Bancorp (FITB) agreed to pay $280.03 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 43,617,747 shares of FITB at a strike price of $11.72 per 

share. The warrant had an expiration date of December 31, 2018. 

$200,000

$220,000

$240,000

$260,000

$280,000

$300,000

$320,000

$340,000

$360,000

$380,000

$400,000

Market Quotes Third Party Model Valuation

$ Thousands

Fifth Third Bancorp (FITB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $273,919,451

Second and Final Bids -

$280,025,936

FITB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $260,454 $298,019 $275,665 Three market indications

 Third Party $237,281 $312,739 $278,717 External asset manager's valuation estimates

 Model Valuation $250,920 $333,588 $273,919 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

80

National Penn Bancshares, Inc. (NPBC)

Repurchase of NPBC Warrant

On April 8, 2011, National Penn Bancshares, Inc. (NPBC) agreed to pay $1.00 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 735,294 shares of NPBC at a strike price of 

$15.30 per share. The warrant had an expiration date of December 12, 2018. 

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

Market Quotes Third Party Model Valuation

$ Thousands

National Penn Bancshares, Inc. (NPBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $485,924

Second Bid - $764,705

Third Bid - $882,353

Final Bid - $1,000,000

NPBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $791 $1,717 $1,187 Three market indications

 Third Party $538 $1,187 $847 External asset manager's valuation estimates

 Model Valuation $494 $1,142 $816 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

81

Bridge Capital Holdings (BBNK)

Repurchase of BBNK Warrant

On April 8, 2011, Bridge Capital Holdings (BBNK) agreed to pay $1.40 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 396,412 shares of BBNK at a strike price of $9.03 

per share. The warrant had an expiration date of December 23, 2018. 

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Market Quotes Third Party Model Valuation

$ Thousands

Bridge Capital Holdings (BBNK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,150,000

Final Bid - $1,395,000

BBNK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $949 $1,700 $1,150 Three market indications

 Third Party $960 $1,323 $1,150 External asset manager's valuation estimates

 Model Valuation $999 $1,305 $1,150 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

82

KeyCorp (KEY)

Repurchase of KEY Warrant

On April 18, 2011,KeyCorp (KEY) agreed to pay $70.00 million for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 35,244,361 shares of KEY at a strike price of $10.64 per share. 

The warrant had an expiration date of November 14, 2018. 

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

Market Quotes Third Party Model Valuation

$ Thousands 

KeyCorp (KEY)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $63,000,000

Final Bid - $70,000,000

KEY

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $56,623 $69,843 $62,763 Three market indications

 Third Party $43,498 $80,467 $61,658 External asset manager's valuation estimates

 Model Valuation $46,886 $84,263 $65,537 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

83

Financial Institutions, Inc. (FISI)

Repurchase of FISI Warrant

On May 2, 2011, Financial Institutions, Inc. (FISI) agreed to pay $2.08 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 378,175 shares of FISI at a strike price of $14.88 per share. 

The warrant had an expiration date of December 23, 2018. 

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Market Quotes Third Party Model Valuation

$ Thousands

Financial Institutions, Inc. (FISI)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,418,156

Second Bid - $1,853,058

Final Bid - $2,079,963

FISI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,275 $1,940 $1,669 Five market indications

 Third Party $2,090 $2,769 $2,428 External asset manager's valuation estimates

 Model Valuation $1,763 $2,391 $2,075 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

84

Sterling Bancorp (STL)

Repurchase of STL Warrant

On May 13, 2011, Sterling Bancorp (STL) agreed to pay $945,775 for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 516,817 shares of STL at a strike price of $12.19 per share. The 

warrant had an expiration date of December 23, 2018. 

$300

$500

$700

$900

$1,100

$1,300

$1,500

Market Quotes Third Party Model Valuation

$ Thousands

Sterling Bancorp (STL)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $945,775

STL

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $444 $734 $633 Four market indications

 Third Party $673 $1,193 $926 External asset manager's valuation estimates

 Model Valuation $657 $1,214 $935 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

85

Whitney Holding Company / Hancock Holding Company (WTNY/HBHC)

Repurchase of WTNY/HBHC Warrant

On May 13, 2011, Hancock Holding Company (HBHC) agreed to pay $6.90 million for the Whitney Holding 

Company (WTNY) warrant held by Treasury which entitled the holder of the warrant to purchase 1,100,000 

shares of HBHC at a strike price of $40.91 per share. The warrant had an expiration date of December 19, 

2018. 

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

Market Quotes Third Party Model Valuation

$ Thousands

Whitney Holding Corporation (WTNY)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $6,000,000

Final Bid - $6,900,000

WTNY / HBHC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $3,810 $6,259 $4,920 Three market indications

 Third Party $4,290 $8,360 $6,193 External asset manager's valuation estimates

 Model Valuation $4,411 $8,334 $6,367 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

86

Home Bancshares, Inc. (HOMB)

Repurchase of HOMB Warrant

On July 21, 2011, Home Bancshares, Inc. (HOMB) agreed to pay $1.30 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 158,472 shares of HOMB at a strike price of 

$23.66 per share. The warrant had an expiration date of January 16, 2019. 

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Market Quotes Third Party Model Valuation

$ Thousands 

Home Bancshares, Inc. (HOMB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $697,275

Final Bid - $1,300,000

HOMB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,000 $1,297 $1,149 Four market indications

 Third Party $1,137 $1,644 $1,386 External asset manager's valuation estimates

 Model Valuation $999 $1,446 $1,220 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

87

MidWestOne Financial Group, Inc. (MOFG)

Repurchase of MOFG Warrant

On July 21, 2011,MidWestOne Financial Group, Inc. (MOFG) agreed to pay $1.00 million for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 198,675.5 shares of MOFG at a strike price of 

$10.31 per share. The warrant had an expiration date of February 6, 2019. 

 

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

Market Quotes Third Party Model Valuation

$ Thousands

MidWestOne Financial Group, Inc. (MOFG)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $800,000

Second Bid - $950,000

Final Bid - $1,000,000

MOFG

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $703 $946 $861 Three market indications

 Third Party $1,011 $1,347 $1,177 External asset manager's valuation estimates

 Model Valuation $735 $1,024 $878 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

88

Heritage Financial Corporation (HFWA)

Repurchase of HFWA Warrant

On August 5, 2011, Heritage Financial Corporation (HFWA) agreed to pay $450,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 138,037 shares of HFWA at a strike price of 

$13.04 per share. The warrant had an expiration date of November 21, 2018. 

$0

$100

$200

$300

$400

$500

$600

Market Quotes Third Party Model Valuation

$ Thousands

Heritage Financial Corporation (HFWA)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $285,737

Second Bid - $372,000

Third Bid - $390,000

Final Bid - $450,000

HFWA

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $287 $469 $391 Three market indications

 Third Party $366 $567 $465 External asset manager's valuation estimates

 Model Valuation $318 $515 $413 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

89

First California Financial Group, Inc. (FCAL)

Repurchase of FCAL Warrant

On August 9, 2011, First California Financial Group, Inc. (FCAL) agreed to pay $599,042 for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 599,042 shares of FCAL at a strike price of 

$6.26 per share. The warrant had an expiration date of December 19, 2018. 

$0

$100

$200

$300

$400

$500

$600

$700

$800

Market Quotes Third Party Model Valuation

$ Thousands

First California Financial Group, Inc. (FCAL)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $599,042

FCAL

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $150 $419 $262 Four market indications

 Third Party $497 $752 $646 External asset manager's valuation estimates

 Model Valuation $341 $556 $464 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

90

West Bancorporation, Inc. (WTBA)

Repurchase of WTBA Warrant

On August 23, 2011, West Bancorporation, Inc. (WTBA) agreed to pay $700,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 474,100 shares of WTBA at a strike price of 

$11.39 per share. The warrant had an expiration date of December 31, 2018. 

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

Market Quotes Third Party Model Valuation

$ Thousands

West Bancorporation, Inc. (WTBA)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $355,575

Second Bid - $559,438

Final Bid - $700,000

WTBA

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $583 $920 $743 Three market indications

 Third Party $488 $896 $687 External asset manager's valuation estimates

 Model Valuation $526 $907 $713 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

91

Codorus Valley Bancorp, Inc. (CVLY)

Repurchase of CVLY Warrant

On August 31, 2012, Codorus Valley Bancorp, Inc. (CVLY) agreed to pay $526,604 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 263,859 shares of CVLY at a strike price of $9.38 

per share. The warrant had an expiration date of January 9, 2019. 

 

$100

$200

$300

$400

$500

$600

$700

$800

Market Quotes Third Party Model Valuation

$ Thousands

Codorus Valley Bancorp, Inc. (CVLY)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $526,604

CVLY

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $225 $526 $397 Three market indications

 Third Party $325 $469 $396 External asset manager's valuation estimates

 Model Valuation $414 $606 $508 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

92

DNB Financial Corporation (DNBF)

Repurchase of DNBF Warrant

On August 31, 2011, DNB Financial Corporation (DNBF) agreed to pay $458,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 186,311 shares of DNBR at a strike price of $9.46 

per share. The warrant had an expiration date of January 30, 2019. 

 

$100

$200

$300

$400

$500

$600

$700

$800

Market Quotes Third Party Model Valuation

$ Thousands

DNB Financial Corporation (DNBF)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $373,000

Final Bid - $458,000

DNBF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $279 $723 $521 Three market indications

 Third Party $266 $341 $305 External asset manager's valuation estimates

 Model Valuation $390 $539 $464 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

93

Summit State Bank (SSBI)

Repurchase of SSBI Warrant

On September 8, 2011, Summit State Bank (SSBI) agreed to pay $315,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 239,212 shares of SSBI at a strike price of $5.33 per share. 

The warrant had an expiration date of December 19, 2018. 

$100

$150

$200

$250

$300

$350

$400

$450

$500

Market Quotes Third Party Model Valuation

$ Thousands

Summit State Bank (SSBI)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $270,000

Second Bid - $303,000

Final Bid - $315,000

SSBI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $248 $367 $311 Three market indications

 Third Party $242 $368 $305 External asset manager's valuation estimates

 Model Valuation $269 $383 $324 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

94

Central Valley Community Bancorp (CVCY)

Repurchase of CVCY Warrant

On September 9, 2011, Central Valley Community Bancorp (CVCY) agreed to pay $185,017 for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 79,067 shares of CVCY at a strike price 

of $6.64 per share. The warrant had an expiration date of January 30, 2019. 

$0

$50

$100

$150

$200

$250

$300

$350

Market Quotes Third Party Model Valuation

$ Thousands

Central Valley Community Bancorp (CPBC)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $185,017

CVCY

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $75 $153 $108 Three market indications

 Third Party $184 $229 $206 External asset manager's valuation estimates

 Model Valuation $128 $174 $156 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

95

Great Southern Bancorp (GSBC)

Repurchase of GSBC Warrant

On September 15, 2011, Great Southern Bancorp (GSBC) agreed to pay $6.44 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 909,091 shares of GSBC at a strike price of $9.57 

per share. The warrant had an expiration date of December 5, 2018. 

$3,000

$3,500

$4,000

$4,500

$5,000

$5,500

$6,000

$6,500

$7,000

$7,500

$8,000

Market Quotes Third Party Model Valuation

$ Thousands

Great Southern Bancorp, Inc. (GSBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $4,500,000

Second and Final Bids - $6,436,364

GSBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $6,198 $7,480 $6,669 Three market indications

 Third Party $5,255 $6,318 $5,791 External asset manager's valuation estimates

 Model Valuation $6,080 $6,717 $6,296 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

96

Heartland Financial USA, Inc. (HTLF)

Repurchase of HTFL Warrant

On September 16, 2011, Heartland Financial USA, Inc. (HTLF) agreed to pay $1.80 million for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 609,687 shares of HTLF at a strike price 

of $20.10 per share. The warrant had an expiration date of December 19, 2018. 

 

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

Market Quotes Third Party Model Valuation

$ Thousands

Heartland Financial USA, Inc. (HTLF)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $1,800,000

HTLF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $854 $1,634 $1,296 Four market indications

 Third Party $878 $1,725 $1,286 External asset manager's valuation estimates

 Model Valuation $1,339 $2,156 $1,732 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

97

MutualFirst Financial, Inc. (MFSF)

Repurchase of MFSF Warrant

On September 20, 2011, MutualFirst Financial, Inc. (MFSF) agreed to pay $900,194 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 625,135 shares of MFSF at a strike price of 

$7.77per share. The warrant had an expiration date of December 23, 2018. 

$100

$300

$500

$700

$900

$1,100

$1,300

$1,500

Market Quotes Third Party Model Valuation

$ Thousands

MutualFirst Financial, Inc. (MFSF)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $312,567

Second Bid - $562,622

Final Bid - $900,194

MFSF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $499 $1,048 $748 Three market indications

 Third Party $662 $1,018 $838 External asset manager's valuation estimates

 Model Valuation $700 $1,113 $906 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

98

Oak Valley Bancorp (OVLY)

Repurchase of OVLY Warrant

On September 20, 2011, Oak Valley Bancorp (OVLY) agreed to pay $560,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 350,346 shares of OVLY at a strike price of $5.78 per 

share. The warrant had an expiration date of December 5, 2018. 

$200

$300

$400

$500

$600

$700

$800

Market Quotes Third Party Model Valuation

$ Thousands

Oak Valley Bancorp (OVLY)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $408,316

Second Bid - $507,464

Final Bid - $560,000

OVLY

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $395 $683 $548 Three market indications

 Third Party $488 $642 $564 External asset manager's valuation estimates

 Model Valuation $396 $549 $472 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

99

Community Bank Shares of Indiana, Inc. (CBIN)

Repurchase of CBIN Warrant

On October 4, 2011, Community Bank Shares of Indiana, Inc. (CBIN) agreed to pay $1.10 million for the 

warrant held by Treasury which entitled the holder of the warrant to purchase 386,270 shares of CBIN at a 

strike price of $7.56 per share. The warrant had an expiration date of May 29, 2019. 

 

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

Market Quotes Third Party Model Valuation

$ Thousands

Community Bank Shares of Indiana, Inc. (CBIN)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $1,100,870

CBIN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $707 $1,004 $858 Three market indications

 Third Party $684 $838 $758 External asset manager's valuation estimates

 Model Valuation $882 $1,156 $1,014 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

100

Stewardship Financial Corporation (SSFN)

Repurchase of SSFN Warrant

On October 11, 2011, Stewardship Financial Corporation (SSFN) agreed to pay $107,398 for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 133,475 shares of SSFN at a strike price of 

$11.24 per share. The warrant had an expiration date of January 30, 2019. 

$0

$20

$40

$60

$80

$100

$120

$140

$160

Market Quotes Third Party Model Valuation

$ Thousands

Stewardship Financial Corporation (SSFN)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $107,398

SSFN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $8 $95 $60 Four market indications

 Third Party $47 $101 $72 External asset manager's valuation estimates

 Model Valuation $60 $120 $89 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

101

Central Bancorp (CEBK)

Repurchase of CEBK Warrant

On October 12, 2011, Central Bancorp (CEBK) agreed to pay $2.53 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 234,742 shares of CEBK at a strike price of $6.39 per 

share. The warrant had an expiration date of December 5, 2018. 

$2,000

$2,100

$2,200

$2,300

$2,400

$2,500

$2,600

$2,700

Market Quotes Third Party Model Valuation

$ Thousands

Central Bancorp (CEBK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $2,100,000

Second Bid - $2,200,000

Third Bid - $2,300,000

Fourth Bid - $2,400,000

Final Bid - $2,525,000

Intrinsic Value

Discounted Intrinsic Value

CEBK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $2,405 $2,539 $2,497 Four market indications

 Third Party $2,288 $2,288 $2,288 External asset manager's valuation estimates

 Model Valuation $2,526 $2,526 $2,526 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

102

Bank of Commerce Holdings (BOCH)

Repurchase of BOCH Warrant

On October 17, 2011, Bank of Commerce Holdings (BOCH) agreed to pay $125,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 405,405 shares of BOCH at a strike price of $6.29 

per share. The warrant had an expiration date of November 14, 2019. 

$0

$50

$100

$150

$200

$250

Market Quotes Third Party Model Valuation

$ Thousands

Bank of Commerce Holdings (BOCH)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $95,640

Final Bid - $125,000

BOCH

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $50 $142 $101 Four market indications

 Third Party $69 $138 $101 External asset manager's valuation estimates

 Model Valuation $76 $170 $122 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

103

Community Partners Bancorp (CPBC)

Repurchase of CPBC Warrant

On October 18, 2011, Community Partners Bancorp (CPBC) agreed to pay $460,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 311,972 shares of CPBC at a strike price of $4.33 

per share. The warrant had an expiration date of January 30, 2019. 

$100

$200

$300

$400

$500

$600

$700

Market Quotes Third Party Model Valuation

$ Thousands

Community Partners Bancorp (CPBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $200,000

Second Bid - $375,000

Third Bid - $385,000

Fourth Bid - $415,000

Final Bid - $460,000

CPBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $357 $578 $459 Three market indications

 Third Party $381 $481 $446 External asset manager's valuation estimates

 Model Valuation $382 $534 $457 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

104

Ameriserv Financial, Inc. (ASRV)

Repurchase of ASRV Warrant

On October 27, 2011, Ameriserv Financial, Inc. (ASRV) agreed to pay $825,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 1,312,500 shares of ASRV at a strike price of 

$2.40 per share. The warrant had an expiration date of December 19, 2018. 

Note: The third party asset manager’s volatility assumption did not reflect the market limits on volatility realized by Treasury in the 

warrant auctions held to date. 

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

Market Quotes Third Party Model Valuation

$ Thousands

Ameriserv Financial, Inc. (ASRV)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $392,000

Second Bid - $658,847

Third Bid - $708,000

Fourth Bid - $812,000

Final Bid - $825,000

ASRV

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $515 $978 $708 Four market indications

 Third Party $893 $1,168 $1,108 External asset manager's valuation estimates

 Model Valuation $598 $851 $722 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

105

First Northern Community Bancorp (FNRN)

Repurchase of FNRN Warrant

On October 28, 2011, First Northern Community Bancorp (FNRN) agreed to pay $375,000for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 352,977 shares of FNRN at a strike price of 

$7.39 per share. The warrant had an expiration date of March 13, 2019. 

Note: The third party asset manager’s volatility assumption did not reflect the market limits on volatility realized by Treasury in the 

warrant auctions held to date. 

$0

$100

$200

$300

$400

$500

$600

$700

Market Quotes Third Party Model Valuation

$ Thousands

First Northern Community Bancorp (FNRN)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $230,000

Second Bid - $300,000

Final Bid - $375,000

FNRN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $49 $382 $248 Four market indications

 Third Party $407 $581 $508 External asset manager's valuation estimates

 Model Valuation $281 $415 $359 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

106

Salisbury Bancorp, Inc. (SAL)

Repurchase of SAL Warrant

On October 28, 2011, Salisbury Bancorp, Inc. (SAL) agreed to pay $205,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 57,671 shares of SAL at a strike price of $22.93 per share. 

The warrant had an expiration date of March 13, 2019. 

$0

$50

$100

$150

$200

$250

$300

$350

$400

Market Quotes Third Party Model Valuation

$ Thousands

Salisbury Bancorp, Inc. (SAL)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $112,747

Second & Third Bids - $201,849

Final Bid - $205,000

SAL

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $50 $235 $159 Three market indications

 Third Party $236 $345 $311 External asset manager's valuation estimates

 Model Valuation $129 $222 $175 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

107

Citizens South Banking Corporation (CSBC)

Repurchase of CSBC Warrant

On November 2, 2011, Citizens South Banking Corporation (CSBC) agreed to pay $225,157 for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 450,314 shares of CSBC at a strike price 

of $6.83 per share. The warrant had an expiration date of December 19, 2018. 

$50

$100

$150

$200

$250

$300

$350

$400

$450

Market Quotes Third Party Model Valuation

$ Thousands

Citizens South Banking Corporation (CSBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $144,100

Final Bid - $223,157

CSBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $89 $268 $183 Three market indications

 Third Party $207 $360 $284 External asset manager's valuation estimates

 Model Valuation $138 $289 $223 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

108

Shore Bancshares, Inc. (SHBI)

Repurchase of SHBI Warrant

On November 2, 2011, Shore Bancshares, Inc. (SHBI) agreed to pay $25,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 172,970 shares of SHBI at a strike price of $21.68 per 

share. The warrant had an expiration date of January 9, 2019. 

Note: SHBI’s initial determination of $254,495 was placed in May 2009 at which time the 20-day average stock price was $18.37 and 

the bank’s determination was significantly below all of Treasury’s various valuation metrics of fair market value. 

$0

$10

$20

$30

$40

$50

Market Quotes Third Party Model Valuation

$ Thousands

Shore Bancshares, Inc. (SHBI)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $25,000

SHBI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $2 $43 $25 Four market indications

 Third Party $3 $31 $13 External asset manager's valuation estimates

 Model Valuation $9 $46 $22 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

109

QCR Holdings, Inc. (QCRH)

Repurchase of QCRH Warrant

On November 8, 2011, QCR Holdings, Inc. (QCRH) agreed to pay $1.10 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 521,888 shares of QCRH at a strike price of 

$10.99 per share. The warrant had an expiration date of February 13, 2019. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Market Quotes Third Party Model Valuation

$ Thousands

QCR Holdings, Inc. (QCRH)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $550,400

Second Bid - $850,000

Final Bid - $1,100,000

QCRH

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $647 $1,462 $1,086 Four market indications

 Third Party $731 $1,242 $981 External asset manager's valuation estimates

 Model Valuation $660 $1,087 $862 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

110

Emclaire Financial Corp. (EMCF)

Repurchase of EMCF Warrant

On November 16 2011, Emclaire Financial Corp. (EMCF) agreed to pay $51,113 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 50,111 shares of EMCF at a strike price of $22.45 

per share. The warrant had an expiration date of December 23, 2018. 

 

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

Market Quotes Third Party Model Valuation

$ Thousands

Emclaire Financial Corp. (EMCF)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $51,113

EMCF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $2 $64 $34 Three market indications

 Third Party $23 $58 $40 External asset manager's valuation estimates

 Model Valuation $37 $90 $61 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

111

Center Bancorp, Inc. (CNBC)

Repurchase of CNBC Warrant

On November 22, 2011, Center Bancorp, Inc. (CNBC) agreed to pay $245,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 86,705 shares of CNBC at a strike price of $8.65 per share. 

The warrant had an expiration date of January 9, 2019. 

 

$50

$100

$150

$200

$250

$300

$350

$400

Market Quotes Third Party Model Valuation

$ Thousands

Center Bancorp, Inc. (CNBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $143,063

Second Bid - $200,288

Third Bid - $221,824

Final Bid $245,000

CNBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $142 $324 $217 Four market indications

 Third Party $176 $261 $218 External asset manager's valuation estimates

 Model Valuation $194 $277 $235 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

112

First Midwest Bancorp, Inc. (FMBI)

Repurchase of FMBI Warrant

On December 6, 2011, First Midwest Bancorp, Inc. (FMBI) agreed to pay $900,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 1,305,230 shares of FMBI at a strike price of 

$22.18 per share. The warrant had an expiration date of December 15, 2018. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Market Quotes Third Party Model Valuation

$ Thousands

First Midwest Bancorp, Inc. (FMBI)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $900,000

FMBI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $451 $1,788 $939 Four market indications

 Third Party $326 $1,266 $718 External asset manager's valuation estimates

 Model Valuation $436 $1,415 $835 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

113

North Central Bancshares, Inc. (FFFD)

Repurchase of FFFD Warrant

On January 4, 2012, North Central Bancshares, Inc. (FFFD) agreed to pay $600,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 99,157 shares of FFFD at a strike price of $15.43 

per share. The warrant had an expiration date of January 9, 2019. 

$200

$300

$400

$500

$600

$700

$800

$900

Market Quotes Third Party Model Valuation

$ Thousands 

North Central Bancshares, Inc. (FFFD)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $396,628

Second Bid - $500,000

Final Bid - $600,000

FFFD

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $389 $752 $603 Four market indications

 Third Party $402 $639 $513 External asset manager's valuation estimates

 Model Valuation $472 $683 $574 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

114

Pathfinder Bancorp, Inc. (PBHC)

Repurchase of PBHC Warrant

On January 27, 2012, Pathfinder Bancorp, Inc. (PBHC) agreed to pay $537,633 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 154,354 shares of PBHC at a strike price of $6.58 

per share. The warrant had an expiration date of September 11, 2019. 

$300

$350

$400

$450

$500

$550

$600

$650

$700

$750

Market Quotes Third Party Model Valuation

$ Thousands 

Pathfinder Bancorp, Inc. (PBHC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $453,801

Final Bid - $537,633

PBHC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $450 $543 $488 Three market indications

 Third Party $520 $642 $580 External asset manager's valuation estimates

 Model Valuation $413 $522 $467 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

115

Peoples Bancorp, Inc. (PEBO)

Repurchase of PEBO Warrant

On February 3, 2012, Peoples Bancorp, Inc. (PEBO) agreed to pay $1.20 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 313,505 shares of PEBO at a strike price of 

$18.66 per share. The warrant had an expiration date of January 30, 2019. 

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

$1,600

Market Quotes Third Party Model Valuation

$ Thousands 

Peoples Bancorp Inc. (PEBO)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $475,000

Second Bid - $950,000

Final Bid - $1,200,724

PEBO

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $633 $1,236 $1,008 Three market indications

 Third Party $875 $1,376 $1,122 External asset manager's valuation estimates

 Model Valuation $863 $1,341 $1,101 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

116

New Hampshire Thrift Bancshares, Inc. (NHTB)

Repurchase of NHTB Warrant

On February 9, 2012, New Hampshire Thrift Bancshares, Inc. (NHTB) agreed to pay $737,100 for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 184,275 shares of NHTB at a strike price 

of $8.14 per share. The warrant had an expiration date of January 16, 2019. 

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

Market Quotes Third Party Model Valuation

$ Thousands 

New Hampshire Thrift Bancshares (NHTB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $552,825

Final Bid - $737,100

NHTB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $382 $752 $633 Four market indications

 Third Party $717 $866 $771 External asset manager's valuation estimates

 Model Valuation $713 $788 $713 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

117

Lakeland Bancorp, Inc. (LBAI)

Repurchase of LBAI Warrant

On February 24, 2012, Lakeland Bancorp, Inc. (LBAI) agreed to pay $2.80 million for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 997,050 shares of LBAI at a strike price of $8.876 

per share. The warrant had an expiration date of February 6, 2019. 

$1,500

$1,700

$1,900

$2,100

$2,300

$2,500

$2,700

$2,900

$3,100

$3,300

Market Quotes Third Party Model Valuation

$ Thousands 

Lakeland Bancorp, Inc. (LBAI)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $2,043,636

Final Bid - $2,800,000

LBAI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $2,362 $2,933 $2,662 Four market indications

 Third Party $2,114 $3,051 $2,582 External asset manager's valuation estimates

 Model Valuation $2,157 $3,004 $2,572 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

118

Peapack‐Gladstone (PGC)

Repurchase of PGC Warrant

On March 26, 2012, Peapack-Gladstone Financial Corporation (PGC) agreed to pay $110,000 for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 150,296 shares of PGC at a strike price of 

$28.629 per share. The warrant had an expiration date of January 9, 2019. 

$0

$25

$50

$75

$100

$125

$150

$175

$200

$225

Market Quotes Third Party Model Valuation

$ Thousands 

Peapack-Gladstone Financial Corporation (PGC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $40,000

Second Bid - $70,000

Third Bid - $75,000

Fourth Bid - $95,000

Final Bid - $110,000

PGC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $51 $87 $73 Three market indications

 Third Party $44 $182 $102 External asset manager's valuation estimates

 Model Valuation $42 $183 $97 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

119

The Connecticut Bank and Trust Company/Berkshire Hills Bancorp, Inc.

(CTBC/BHLB)

Repurchase of CTBC/BHLB Warrant

On March 23, 2012, Berkshire Hills Bancorp, Inc. (BHLB) agreed to pay $792,783 for the Connecticut Bank 

and Trust Company (CTBC) warrant held by Treasury which entitled the holder of the warrant to purchase 

175,742 shares of CTBC at a strike price of $4.65 per share. The warrant had an expiration date of December 

19, 2018. 

$500

$550

$600

$650

$700

$750

$800

$850

$900

Market Quotes Third Party Model Valuation

$ Thousands 

The Connecticut Bank and Trust Company (CTBC/BHLB)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $792,783

CTBC / BHLB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $645 $791 $716 Four market indications

 Third Party $716 $775 $743 External asset manager's valuation estimates

 Model Valuation $733 $825 $780 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

120

Regions Financial Corp.		(RF)

Repurchase of RF Warrant

On April 25, 3012, Regions Financial Corp. (RF)agreed to pay $45.00 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 48,253,677 shares of RF at a strike price of $10.88 per 

share. The warrant had an expiration date of November 14, 2018. 

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

Market Quotes Third Party Model Valuation

$ Thousands 

Regions Financial Corp. (RF)

Fair Market Value Estimates of US Treasury's Warrant Position $ 000s

First Bid - $32,000,000

Second Bid - $39,000,000

Final Bid - $45,000,000

RF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $32,102 $75,783 $51,018 Three market indications

 Third Party $13,994 $41,016 $28,470 External asset manager's valuation estimates

 Model Valuation $24,171 $55,731 $39,854 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

121

Park National Corporation (PRK)

Repurchase of PRK Warrant

On April 25, 2012, Park National Corporation (PRK) $2.84 million for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 227,376 shares of PRK at a strike price of $65.97 per share. The 

warrant had an expiration date of December 23, 2018. 

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Market Quotes Third Party Model Valuation

$ Thousands 

Park National Corporation (PRK)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $2,842,000

PRK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $2,058 $2,408 $2,185 Three market indications

 Third Party $1,880 $3,257 $2,556 External asset manager's valuation estimates

 Model Valuation $1,768 $3,145 $2,449 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

122

MB Financial, Inc. (MBFI)

Repurchase of MBFI Warrant

On April 26, 2012, MB Financial, Inc. (MBFI) agreed to pay $1.52 million for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 506,024 shares of MBFI at a strike price of $29.05 per 

share. The warrant had an expiration date of December 5, 2018. 

$0

$500

$1,000

$1,500

$2,000

$2,500

Market Quotes Third Party Model Valuation

$ Thousands 

MB Financial Inc. (MBFI)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $541,446

Second Bid - $1,300,482

Final Bid - $1,518,072

MBFI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $948 $1,800 $1,375 Three market indications

 Third Party $1,098 $2,373 $1,706 External asset manager's valuation estimates

 Model Valuation $929 $2,079 $1,481 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

123

Seacoast Banking Corporation of Florida (SBCF)

Repurchase of SBCF Warrant

On May 15, 2012, Seacoast Banking Corporation of Florida (SBCF) agreed to pay $55,000 for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 589,623 shares of SBCF at a strike price of 

$6.36 per share. The warrant had an expiration date of December 19, 2018. 

$0

$10

$20

$30

$40

$50

$60

$70

$80

Market Quotes Third Party Model Valuation

$Thousands 

Seacoast Banking Corporation of Florida (SBCF)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $40,000

Final Bid - $55,000

SBCF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $20 $68 $40 Five market indications

 Third Party $0 $24 $8 External asset manager's valuation estimates

 Model Valuation $17 $65 $38 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

124

Wilshire Bancorp (WIBC)

Repurchase of WIBC Warrant

On June 11, 2012, Wilshire Bancorp (WIBC) agreed to pay $760,000 for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 494,460 shares of WIBC at a strike price of $9.82 per share. The 

warrant had an expiration date of December 12, 2018. 

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Market Quotes Third Party Model Valuation

$ Thousands 

Wilshire Bancorp, Inc. (WIBC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $664,622

Final Bid - $760,000

WIBC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $477 $698 $570 Three market indications

 Third Party $416 $884 $637 External asset manager's valuation estimates

 Model Valuation $581 $761 $670 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

125

Mercantile Bank Corporation (MBWM)

Repurchase of MBWM Warrant

On June 26, 2012, Mercantile Bank Corporation (MBWM) agreed to pay $7,465,100 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 616,438 shares of MBWM at a strike price of 

$5.11 per share. The warrant had an expiration date of May 15, 2019. 

$4,500

$5,000

$5,500

$6,000

$6,500

$7,000

$7,500

$8,000

$8,500

Market Quotes Third Party Model Valuation

$ Thousands 

Mercantile Bank Corporation (MBWM)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid- $7,465,100

First Bid - $5,100,000

Second Bid- $7,280,000

MBWM

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $7,492 $8,035 $7,719 Three market indications

 Third Party $5,862 $5,992 $5,862 External asset manager's valuation estimates

 Model Valuation $7,465 $7,465 $7,465 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

126

United Bancorp, Inc. (UBMI)

Repurchase of UBMI Warrant

On June 29, 2012, United Bancorp, Inc. (UBMI) agreed to pay $38,000 for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 311,492 shares of UBMI at a strike price of $9.92 per share. The 

warrant had an expiration date of January 16, 2019. 

$0

$10

$20

$30

$40

$50

$60

$70

$80

Market Quotes Third Party Model Valuation

$ Thousands 

United Bancorp, Inc. (UBMI)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $38,000

UBMI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $10 $19 $14 Four market indications

 Third Party $14 $63 $36 External asset manager's valuation estimates

 Model Valuation $15 $66 $36 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

127

Taylor Capital Group, Inc. (TAYC)

Repurchase of TAYC Warrant

On July 11, 2012, Taylor Capital Group, Inc. (TAYC) agreed to pay $9,839,273 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 1,462,647 shares of TAYC at a strike price of 

$10.75 per share. The warrant had an expiration date of November 21, 2018. 

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

$12,000

$13,000

Market Quotes Third Party Model Valuation

$ Thousands 

Taylor Capital Group, Inc. (TAYC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $8,196,660

Final Bid - $9,839,273

TAYC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $10,658 $12,627 $11,653 Four market indications

 Third Party $6,991 $8,410 $7,708 External asset manager's valuation estimates

 Model Valuation $8,555 $10,846 $9,639 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Farmers Capital Bank Corporation (FFKT)

Repurchase of FFKT Warrant

On July 9, 2012, Farmers Capital Bank Corporation (FFKT) agreed to pay $75,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 223,992 shares of FFKT at a strike price of $20.09 

per share. The warrant had an expiration date of January 9, 2019. 

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Market Quotes Third Party Model Valuation

$ Thousands 

Farmers Capital Bank Corporation (FFKT)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $50,000

Final Bid - $75,000

FFKT

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $67 $174 $109 Three market indications

 Third Party $34 $83 $51 External asset manager's valuation estimates

 Model Valuation $28 $119 $62 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Pinnacle Financial Partners, Inc. (PNFP)

Repurchase of PNFP Warrant

On June 21, 2012, Pinnacle Financial Partners, Inc. (PNFP) agreed to pay $755,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 267,455 shares of PNFP at a strike price of $26.64 

per share. The warrant had an expiration date of December 12, 2018. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Market Quotes Third Party Model Valuation

$ Thousands 

Pinnacle Financial Partners, Inc. (PNPF)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $755,000

PNFP

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $412 $1,107 $743 Three market indications

 Third Party $658 $1,177 $947 External asset manager's valuation estimates

 Model Valuation $489 $1,045 $752 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

LNB Bancorp Inc. (LNBB)

Repurchase of LNBB Warrant

On June 27, 2012, LNB Bancorp Inc. (LNBB) agreed to pay $860,326 for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 561,343 shares of LNBB at a strike price of $6.74 per share. The 

warrant had an expiration date of December 12, 2018. 

$0

$200

$400

$600

$800

$1,000

$1,200

Market Quotes Third Party Model Valuation

$ Thousands 

LNB Bancorp Inc. (LNBB)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $860,326

LNBB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $937 $1,059 $1,018 Three market indications

 Third Party $466 $776 $618 External asset manager's valuation estimates

 Model Valuation $546 $900 $721 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Firstbank Corporation (FBMI)

Repurchase of FBMI Warrant

On July 10, 2012, Firstbank Corporation (FBMI) agreed to pay $1,946,670 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 578,947 shares of FBMI at a strike price of $8.55 per share. 

The warrant had an expiration date of January 30, 2019. 

$0

$500

$1,000

$1,500

$2,000

$2,500

Market Quotes Third Party Model Valuation

$ Thousands 

Firstbank Corporation (FBMI)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $1,946,670

FBMI

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $880 $2,200 $1,593 Four market indications

 Third Party $854 $1,349 $1,094 External asset manager's valuation estimates

 Model Valuation $1,553 $1,865 $1,706 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Southern First Bancshares, Inc. (SFST)

Repurchase of SFST Warrant

On July 11, 2012, Southern First Bancshares, Inc. (SFST) agreed to pay $1,100,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 363,609 shares of SFST at a strike price of $7.14 

per share. The warrant had an expiration date of February 27, 2019. 

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Market Quotes Third Party Model Valuation

$ Thousands 

Southern First Bancshares, Inc. (SFST)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $1,100,000

SFST

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,064 $1,480 $1,225 Four market indications

 Third Party $822 $983 $902 External asset manager's valuation estimates

 Model Valuation $912 $1,144 $1,054 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

VIST Financial Corporation (VIST)

Repurchase of VIST Warrant

On July 25, 2012, VIST Financial Corporation (VIST) agreed to pay $1,189,813 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 115,069 shares of VIST at a strike price of $32.59 

per share. The warrant had an expiration date of December 19, 2018. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Market Quotes Third Party Model Valuation

$ Thousands 

VIST Financial Corporation (VIST)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $1,189,813

VIST

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $834 $1,164 $979 Four market indications

 Third Party $754 $1,103 $921 External asset manager's valuation estimates

 Model Valuation $861 $1,285 $1,067 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Peoples Bancorp of North Carolina, Inc.* (PEBK)

Repurchase of PEBK Warrant

On July 12, 2012, Peoples Bancorp of North Carolina, Inc.* (PEBK) agreed to pay $425,000 for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 357,234 shares of PEBK at a strike price 

of $10.52 per share. The warrant had an expiration date of December 23, 2018. 

$0

$200

$400

$600

$800

Market Quotes Third Party Model Valuation

$ Thousands 

Peoples Bancorp of North Carolina, Inc. (PEBK)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $282,000

Final Bid - $425,000

PEBK

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $379 $751 $629 Four market indications

 Third Party $314 $496 $415 External asset manager's valuation estimates

 Model Valuation $200 $436 $314 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Pulaski Financial Corp (PULB)

Repurchase of PULB Warrant

On July 12, 2012, Pulaski Financial Corp (PULB) agreed to pay $1,100,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 778,421 shares of PULB at a strike price of $6.27 per share. 

The warrant had an expiration date of January 16, 2019. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Market Quotes Third Party Model Valuation

$ Thousands 

Pulaski Financial Corp. (PULB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $610,330

Second Bid - $990,000

Final Bid - $1,100,000

PULB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $532 $1,434 $1,075 Four market indications

 Third Party $1,125 $1,502 $1,297 External asset manager's valuation estimates

 Model Valuation $1,028 $1,157 $1,041 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

BBCN Bancorp, Inc./Nara Bancorp (BBCN)

Repurchase of BBCN Warrant

On July 31, 2012, BBCN Bancorp, Inc./Nara Bancorp (BBCN) agreed to pay $2,189,317 for the warrant held 

by Treasury which entitled the holder of the warrant to purchase 1,042,531 shares of BBCN at a strike price of 

$9.64 per share. The warrant had an expiration date of November 21, 2018. 

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

$2,800

Market Quotes Third Party Model Valuation

$ Thousands 

BBCN Bancorp, Inc. (BBCN) - Nara Bancorp, Inc.

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,753,815.70

Second Bid - $1,902,620.90

Final Bid - $2,189,317.20

BBCN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,751 $2,648 $2,075 Four market indications

 Third Party $1,903 $2,533 $2,210 External asset manager's valuation estimates

 Model Valuation $1,656 $2,296 $1,972 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Ameris Bancorp (ABCB)

Repurchase of ABCB Warrant

On August 15, 2012, Ameris Bancorp (ABCB) agreed to pay $2,670,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 698,554 shares of ABCB at a strike price of $11.17 per 

share. The warrant had an expiration date of November 21, 2018. 

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Market Quotes Third Party Model Valuation

$ Thousands 

Ameris Bancorp (ABCB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $2,250,000

Second Bid - $2,670,000

Third Bid - $2,690,000

Final Bid - $2,670,000

ABCB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $2,039 $2,783 $2,379 Three market indications

 Third Party $1,732 $2,480 $2,159 External asset manager's valuation estimates

 Model Valuation $2,094 $2,964 $2,526 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

First Citizens Banc Corp. (FCZA)

Repurchase of FCZA Warrant

On August 16, 2012, First Citizens Banc Corp. (FCZA) agreed to pay $563,174 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 469,312 shares of FCZA at a strike price of $7.41 

per share. The warrant had an expiration date of January 23, 2019. 

$0

$100

$200

$300

$400

$500

$600

$700

Market Quotes Third Party Model Valuation

$ Thousands 

First Citizens Banc Corp. (FCZA)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $563,174

FCZA

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $117 $587 $356 Four market indications

 Third Party $371 $544 $451 External asset manager's valuation estimates

 Model Valuation $349 $558 $454 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

WSFS Financial Corporation (WSFS)

Repurchase of WSFS Warrant

On August 29, 2012, WSFS Financial Corporation (WSFS) agreed to pay $1,800,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 175,105 shares of WSFS at a strike price of 

$45.08 per share. The warrant had an expiration date of January 23, 2019. 

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

Market Quotes Third Party Model Valuation

$ Thousands 

WSFS Financial Corporation (WSFS)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,160,000

Second Bid - $1,250,000

Third Bid - $1,410,000

Final Bid - $1,800,000

WSFS

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,388 $1,880 $1,707 Four market indications

 Third Party $1,184 $2,026 $1,587 External asset manager's valuation estimates

 Model Valuation $1,394 $1,912 $1,640 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Indiana Community Bancorp (INCB)

Repurchase of INCB Warrant

On September 7, 2012, Indiana Community Bancorp (INCB) agreed to pay $1,800,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 188,707 shares of INCB at a strike price of $17.09 

per share. The warrant had an expiration date of December 12, 2018. 

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

Market Quotes Third Party Model Valuation

$ Thousands 

Indiana Community Bancorp (INCB)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $1,800,000

INCB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,587 $2,288 $1,917 Five market indications

 Third Party $1,451 $1,761 $1,581 External asset manager's valuation estimates

 Model Valuation $1,605 $1,864 $1,725 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

BNC Bancorp (BNCN)

Repurchase of BNCN Warrant

On September 6, 2012, BNC Bancorp (BNCN) agreed to pay $939,920 for the warrant held by Treasury which 

entitled the holder of the warrant to purchase 543,337 shares of BNCN at a strike price of $8.63 per share. The 

warrant had an expiration date of December 5, 2018. 

$0

$200

$400

$600

$800

$1,000

$1,200

Market Quotes Third Party Model Valuation

$ Thousands 

BNC Bancorp (BNCN)

Fair Market Value Estimates of US Treasury's Warrant Position

Final Bid - $939,920

BNCN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $532 $810 $679 Three market indications

 Third Party $397 $584 $490 External asset manager's valuation estimates

 Model Valuation $723 $1,088 $904 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Sterling Financial Corporation (STSA)

Repurchase of STSA Warrant

On September 11, 2012, Sterling Financial Corporation (STSA) agreed to pay $825,000 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 97,541 shares of STSA at a strike price of $13.20 

per share. The warrant had an expiration date of December 5, 2018. 

$600

$650

$700

$750

$800

$850

$900

$950

$1,000

Market Quotes Third Party Model Valuation

$ Thousands 

Sterling Financial Corporation (STSA)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $773,900

Final Bid - $825,000

STSA

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $835 $884 $855 Three market indications

 Third Party $696 $846 $768 External asset manager's valuation estimates

 Model Valuation $752 $858 $789 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

First Community Corporation (FCCO)

Repurchase of FCCO Warrant

On October 25, 2012, First Community Corporation (FCCO) agreed to pay $297,500 for the warrant held by 

Treasury which entitled the holder of the warrant to purchase 195,915 shares of FCCO at a strike price of $8.69 

per share. The warrant had an expiration date of November 21, 2018. 

$210

$230

$250

$270

$290

$310

$330

$350

$370

Market Quotes Third Party Model Valuation

$ Thousands 

First Community Corporation (FCCO)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $244,055

Second Bid - $260,000

Third Bid - $270,000

Fourth Bid - $278,000

Fifth Bid - $285,000

Sixth Bid - $290,500

Final Bid - $297,500

FCCO

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $218 $282 $244 Four market indications

 Third Party $228 $365 $296 External asset manager's valuation estimates

 Model Valuation $276 $371 $322 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

PrivateBancorp, Inc. (PVTB)

Repurchase of PVTB Warrant

On November 7, 2012, PrivateBancorp, Inc. (PVTB) agreed to pay $1,225,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 645,013 shares of PVTB at a strike price of $28.35 per 

share. The warrant had an expiration date of January 30, 2019. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Market Quotes Third Party Model Valuation

$ Thousands 

PrivateBancorp, Inc. (PVTB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,000,000

Final Bid - $1,225,000

PVTB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $703 $876 $789 Four market indications

 Third Party $672 $1,705 $1,152 External asset manager's valuation estimates

 Model Valuation $1,263 $1,959 $1,573 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Mackinac Financial Corporation (MFNC)

Repurchase of MFNC Warrant

On December 11, 2012, Mackinac Financial Corporation (MFNC) agreed to pay $1,300,000 for the warrant 

held by Treasury which entitled the holder of the warrant to purchase 379,310 shares of MFNC at a strike price 

of $4.35 per share. The warrant had an expiration date of April 24, 2019. 

$1,000

$1,050

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$1,500

Market Quotes Third Party Model Valuation

$ Thousands 

Mackinac Financial Corporation (MFNC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,180,253

Final Bid - $1,300,000

MFNC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,026 $1,385 $1,234 Four market indications

 Third Party $1,212 $1,392 $1,324 External asset manager's valuation estimates

 Model Valuation $1,214 $1,384 $1,289 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

1

Northeast Bancorp (NBN)

Repurchase of NBN Warrant

On November 29, 2012, Northeast Bancorp (NBN) agreed to pay $95,000 for the warrant held by Treasury 

which entitled the holder of the warrant to purchase 67,958 shares of NBN at a strike price of $9.33 per share. 

The warrant had an expiration date of December 12, 2018. 

$0

$20

$40

$60

$80

$100

$120

$140

$160

Market Quotes Third Party Model Valuation

$ Thousands 

Northeast Bancorp (NBN)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $70,000

Final Bid - $95,000

NBN

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $38 $136 $77 Four market indications

 Third Party $81 $143 $111 External asset manager's valuation estimates

 Model Valuation $65 $96 $80 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

2

Capital One Financial Corp. (COF)

Sale of COF Warrant

On December 3, 2009, Treasury auctioned the Capital One Financial Corp. (COF) warrant for $148.73 million 

in gross proceeds. The warrant entitled the holder to purchase 12,657,960 shares of COF at a strike price of 

$42.13 per share and expired on November 14, 2018 

Note: Above analysis was done to evaluate COF’s bid on 6/30/09 and is not directly comparable to the auction results on 12/3/09 as 

market conditions changed over the intervening five months. In particular, COF’s stock price appreciated 69 percent while short-term 

implied volatility in the sock declined slightly. 

$0

$25,000

$50,000

$75,000

$100,000

$125,000

$150,000

$175,000

Market Quotes Third Party Model Valuation

$ Thousands

First Bid - $46,500,000

Capital One Financial (COF)

Estimates of Fair Market Value of US Treasury's Warrant Position

COF

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,500 $70,400 $30,200 Seven market indications

 Third Party $107,100 $148,100 $124,500 External asset manager's valuation estimates

 Model Valuation $85,800 $130,700 $107,500 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

3

JP Morgan Chase & Co. (JPM)

Sale of JPM Warrant

On December 10, 2009, Treasury auctioned the JPMorgan Chase & Co. (JPM) warrant for $950.32 million in 

gross proceeds. The warrant entitled the holder to purchase 88,401,697 shares of JPM at a strike price of 

$42.42 per share and expired on October 28, 2018. 

 

$200

$200,200

$400,200

$600,200

$800,200

$1,000,200

$1,200,200

$1,400,200

Market Quotes Third Party Model Valuation

$ Thousands

First Bid - $825,539,247

JPMorgan (JPM)

Estimates of Fair Market Value of US Treasury's Warrant Position

JPM

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $488,000 $1,137,000 $658,000 Seven market indications

 Third Party $875,000 $1,252,000 $1,063,000 External asset manager's valuation estimates

 Model Valuation $900,000 $1,097,000 $998,000 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

4

TCF Financial Corporation (TCB)

Sale of TCB Warrant

On December 15, 2009, Treasury auctioned the TCF Financial Corporation (TCB) warrant for $9.59 million in 

gross proceeds. The warrant entitled the holder to purchase 3,199,988 shares of TCB at a strike price of $16.93 

per share and expired on November 14, 2018. 

Note: Above analysis was done to evaluate TCB’s bid on 5/5/09 and is not directly comparable to the auction results on 12/15/09 as 

market conditions changed over the intervening seven months. In particular, TCB’s stock price declined 16 percent while short-term 

implied volatility in the stock declined more than 40 percent. 

$0

$5,000

$10,000

$15,000

$20,000

$25,000

Market Quotes Third Party Model Valuation

$ Thousands

First Bid - $3,200,000

TCF Financial (TCB)

Estimates of Fair Market Value of US Treasury's Warrant Position

TCB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $12,146 $20,480 $15,942 Three market indications

 Third Party $13,376 $19,072 $16,224 External asset manager's valuation estimates

 Model Valuation $11,349 $17,234 $14,282 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

5

Valley National Bancorp (VLY)

Sale of VLY Warrant

On May 18, 2010 Treasury auctioned the Valley National Bancorp (VLY) warrant for $5.57 million in gross 

proceeds. The warrant entitled the holder to purchase 2,532,542 shares of VLY at a strike price of $17.77 per 

share and expired on November 14, 2018. 

Note: The above analysis was done to evaluate VLY’s bid on 1/7/10 and is not directly comparable to the auction results on 5/18/10 

as market conditions changed over the intervening five months.

$500

$1,500

$2,500

$3,500

$4,500

$5,500

$6,500

$7,500

$8,500

Market Quotes Third Party Model Valuation

$ Thousands 

Valley National Bancorp (VLY)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $2,291,348

VLY

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $723 $3,714 $1,801 Three market indications

 Third Party $4,607 $7,791 $6,160 External asset manager's valuation estimates

 Model Valuation $2,723 $6,564 $4,616 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

6

Wells Fargo & Company (WFC)

Sale of WFC Warrant

On May 20, 2010, Treasury auctioned the Wells Fargo & Company (WFC) warrant for $849.02 million in gross 

proceeds. The warrant entitled the holder to purchase 110,261,688 shares of WFC at a strike price of $34.01 

per share and expired on October 28, 2010. 

Note: The above analysis was done to evaluate WFC’s bid on 2/22/10 and is not directly comparable to the auction results on 5/20/10 

as market conditions changed over the intervening three months. When considering WFC’s offer to repurchase its warrant, Treasury 

concluded the market value realized through an auction would likely be in the high end of the valuation range. The results of past 

auctions have indicated that warrants associated with large well-known companies, such as WFC, attract high levels of investor 

interest and competitive bidding. 

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

Market Quotes Third Party Model Valuation

$ Thousands 

Wells Fargo & Company (WFC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $593,600,000

Second Bid - $700,000,000

Third Bid - $750,000,000

WFC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $496,182 $871,075 $686,201 Seven market indications

 Third Party $690,000 $1,071,000 $879,000 External asset manager's valuation estimates

 Model Valuation $551,000 $946,000 $739,000 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

7

Sterling Bancshares, Inc. (SBIB)

Sale of SBIB Warrant

On June 9, 2010, Treasury auctioned the Sterling Bancshares, Inc. (SBIB) warrant for $3.01 million in gross 

proceeds. The warrant entitled the holder to purchase 2,615,557 shares of SBIB at a strike price of $7.18 per 

share and expired on December 12, 2018 

Note: The above analysis was done to evaluate SBIB’s bid on 6/5/09 and is not directly comparable to the auction results on 6/9/10 as 

market conditions changed over the intervening twelve months. Specifically, SBIB’s stock price declined 28 percent from $7.02 on 

6/5/09 to $5.00 on 6/9/10. 

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

Market Quotes Third Party Model Valuation

$ Thousands 

Sterling Bancshares, Inc. (SBIB)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $4,000,000

SBIB

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $2,877 $6,120 $4,467 Five market indications

 Third Party $6,828 $9,092 $7,955 External asset manager's valuation estimates

 Model Valuation $5,491 $6,458 $5,988 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

8

Boston Private Financial Holdings, Inc. (BPFH)

Sale of BPFH Warrant

On February 1, 2011, Treasury auctioned the Boston Private Financial Holdings, Inc. (BPFH) warrant for $6.35 

million in gross proceeds. The warrant entitled the holder to purchase 2,887,500 shares of BPFH at a strike 

price of $8.00per share and expired on November 21, 2018. 

Note: The above analysis was done to evaluate BPFH’s bid on 7/12/10 and is not directly comparable to the auction results on 

2/01/11 as market conditions changed over the intervening seven months.

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

$11,000

Market Quotes Third Party Model Valuation

$ Thousands 

Boston Private Financial Holdings (BPFH)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $4,300,000

BPFH

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $7,125 $9,818 $8,391 Three market indications

 Third Party $4,780 $6,950 $5,852 External asset manager's valuation estimates

 Model Valuation $6,073 $8,493 $7,273 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

9

Bank of Marin Bancorp (BMRC)

Sale of BMRC Warrant

On November 17, 2011, Treasury auctioned the Bank of Marin Bancorp (BMRC) warrant for $1.70 million in 

gross proceeds. The warrant entitled the holder to purchase 154,908 shares of BMRC at a strike price of $11.00 

per share and expired on December 5, 2018 

$700

$900

$1,100

$1,300

$1,500

$1,700

$1,900

$2,100

$2,300

$2,500

Market Quotes Third Party Model Valuation

$ Thousands

Bank of Marin Bancorp (BMRC)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $1,368,000

BMRC

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $1,576 $2,064 $1,870 Four market indications

 Third Party $1,463 $2,029 $1,743 External asset manager's valuation estimates

 Model Valuation $1,507 $2,028 $1,764 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

10

First Constitution Bancorp (FCCY)

Sale of FCCY Warrant

On November 17, 2011, Treasury auctioned the First Constitution Bancorp (FCCY) warrant for $326,576 in 

gross proceeds. The warrant entitled the holder to purchase 231,782 shares of FCCY at a strike price of $7.77 

per share and expired on December 23, 2018. 

 

$100

$200

$300

$400

$500

$600

$700

$800

Market Quotes Third Party Model Valuation

$ Thousands

1st Constitution Bancorp (FCCY)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $216,500

Second Bid - $415,500

FCCY

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $533 $632 $583 Two market indications

 Third Party $503 $687 $649 External asset manager's valuation estimates

 Model Valuation $443 $581 $529 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

11

First Busey Corporation (BUSE)

Sale of BUSE Warrant

On November 17, 2011, Treasury auctioned the First Busey Corporation (BUSE) warrant for $63,677 in gross 

proceeds. The warrant entitled the holder to purchase 573,833 shares of BUSE at a strike price of $13.07 per 

share and expired on March 6, 2019. 

 

$0

$50

$100

$150

$200

$250

$300

$350

$400

Market Quotes Third Party Model Valuation

$ Thousands

First Busey Corporation (BUSE)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $41,000

Second Bid - $57,833

BUSE

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $181 $332 $259 Three market indications

 Third Party $52 $230 $126 External asset manager's valuation estimates

 Model Valuation $79 $271 $166 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

12

Western Alliance Bancorporation (WAL)

Sale of WAL Warrant

On November 17, 2011, Treasury auctioned the Western Alliance Bancorporation (WAL) warrant for $415,000 

in gross proceeds. The warrant entitled the holder to purchase 787,107 shares of WAL at a strike price of 

$13.34 per share and expired on November 21, 2018. 

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Market Quotes Third Party Model Valuation

$ Thousands

Western Alliance Bancorporation (WAL)

Fair Market Value Estimates of US Treasury's Warrant Position

First Bid - $320,000

Second Bid - $650,000

Third Bid - $750,000

WAL

Valuation Estimates for Warrant

($ Thousands) Low High Estimate Details

 Market Quotes $314 $1,256 $849 Three market indications

 Third Party $433 $937 $700 External asset manager's valuation estimates

 Model Valuation $563 $1,098 $823 Binomial option model adjusted for American style options
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

13

Appendix III – Outstanding Warrants
WARRANT DISPOSITION REPORT – UPDATE JUNE 30, 2012 

14

Outstanding Warrant Portfolio

The table below lists the outstanding warrants held in institutions that have fully redeemed the CPP investment 

as of December 31, 2012. 

Institution Name Ticker

Preferred 

Repurchase 

Date

Preferred Investment 

Redeemed/Received 

through Auction

($thousands)

Warrant 

Shares

Strike 

Price

QEO? (i.e. 

warrants cut 

by 50%)

Commerce National Bank CNBF 10/7/2009 5,000 87,209 8.60 -

United Bancorporation of Alabama, Inc.* UBAB 9/3/2010 10,300 108,264 14.27 -

The First Bancshares, Inc.* FBMS 9/29/2010 5,000 54,705 13.71 -

First M&F Corporation* FMFC 9/29/2010 30,000 513,113 8.77 -

Security Federal Corporation* SFDL 9/29/2010 18,000 137,966 19.57 -

BCSB Bancorp, Inc. BCSB 1/26/2011 10,800 183,465 $8.83 -

Southern Missouri Bancorp, Inc. SMBC 7/21/2011 9,550 114,326 12.53 -

The Elmira Savings Bank, FSB ESBK 8/25/2011 9,090 116,538 11.70 -

TowneBank TOWN 9/22/2011 76,458 554,330 20.69 -

The Bank of Kentucky Financial Corporation BKYF 11/23/2011 34,000 274,784 18.56 -

S&T Bancorp, Inc. STBA 12/7/2011 108,676 517,012 31.53 -

Valley National Bancorp (State Bancorp, Inc.) VLY 12/14/2011 36,842 488,848 11.31 -

StellarOne Corporation STEL 12/28/2011 30,000 302,623 14.87 -

Heritage Commerce Corp. HTBK 3/7/2012 40,000 462,963 12.96 -

Banner Corporation** BANR 4/3/2012 108,072 243,998 76.23 -

First Financial Holdings, Inc.** FFCH 4/3/2012 55,926 241,696 20.17 Yes

MainSource Financial Group, Inc.** MSFG 4/3/2012 52,277 571,906 14.95 -

C&F Financial Corporation CFFI 4/11/2012 20,000 167,504 17.91 -

First Defiance Financial Corp.** FDEF 6/19/2012 35,084 550,595 10.08 -

BBCN Bancorp, Inc. (Center Financial Corporation) BBCN 6/27/2012 55,000 337,480 12.22 Yes

First Capital Bancorp, Inc.** FCVA 6/19/2012 9,931 250,947 6.55 -

Fidelity Southern Corporation** LION 7/3/2012 42,758 2,462,439 2.94 -

MetroCorp Bancshares, Inc.** MCBI 7/3/2012 43,490 771,429 8.75 -

Premier	Financial	Bancorp,	Inc. PFBI 8/10/2012 19,849 628,588 5.31 ‐

Southwest	Bancorp,	Inc. OKSB 8/8/2012 70,000 703,753 14.92 ‐

Yadkin	Valley	Financial	Corporation** YAVY 9/18/2012 31,843 385,990 13.99 ‐

Yadkin	Valley	Financial	Corporation** YAVY 9/18/2012 11,644 273,534 7.30 ‐

Oak	Ridge	Financial	Services,	Inc. BKOR 10/31/2012 7,025 163,830 7.05 ‐

Timberland	Bancorp	Inc. TSBK 11/13/2012 14,209 370,899 6.73 ‐

Alaska	Pacific	Bancshares	Inc. AKPB 11/29/2012 4,218 175,772 4.08 ‐

Carolina	Trust	Bank CART 11/30/2012 3,362 86,957 6.90 ‐

Parke	Bancorp	Inc. PKBK 11/29/2012 11,596 399,006 6.12 ‐

Community	West	Bancshares CWBC 12/11/2012 11,181 521,158 4.49 ‐

Virginia	Commerce	Bancorp VCBI 12/11/2012 71,000 2,696,203 3.95 ‐

TOTAL 34 $1,109,182 2

* Institution converted to the Community Development Capital Initiative program; warrants are still held by the CPP 

** CPP preferred auction participant