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Bid Summary
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First BankAmericano
Elizabeth, NJ
Closing Date: July 31, 2009
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Winning Bidder:
Crown Bank, Brick, NJ
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Winning Bid:
All deposits, whole bank – Asset Discount of $17.8 million, Deposit
Premium of 0%. |
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Cover (second place)
Bidder: Crown Bank, Brick, NJ
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Cover Bid: Insured deposits, whole bank P&A – Asset Discount of $17.783 million,
Deposit Premium of 0%. |
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Other Bidder Names:
Oritani Bank, Township of Washington, NJ
Valley National Bank, Wayne, NJ |
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Other Bids:
Insured deposits, whole bank with loss share – Asset Discount of $8.4
million, Deposit Premium 1.0%.
All deposits, whole bank with loss share – Asset Discount of $8.5 million,
Deposit Premium 0.370%.
All deposits, whole bank with loss share – Asset Discount of $9.95
million, Deposit Premium 2.5%.
Insured deposits, whole bank – Asset Discount of $18.2 million, Deposit
Premium 0%. |
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Notes:
- The winning bidder’s acquisition of all the deposits was the least
costly resolution compared to a liquidation alternative and the other
bids. The liquidation alternative was valued using valuation models to
estimate the market value of the assets. The bids for loss share were
valued using a discounted cash flow analysis for the loss share portfolio
over the life of the loss share agreement.
- The Other Bidder Names and the Other Bids are in random order. There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bid.
- There are more bids than bidders because one or more bidders submitted
more than one bid.
- For more information on the bid disclosure policy, see http://www.fdic.gov/about/freedom/biddocs.html |
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