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Failed Financial Institution Bid Documents
 

UPDATE ON PROCESSING BID INFORMATION

On November 12, 2009, the FDIC Board of Directors, after carefully considering the public interest in disclosure and the Congressionally mandated objective of the FDIC to achieve the lowest cost resolution of failed banks, determined that the FDIC, in processing responses to FOIA requests for bid information in receivership whole-bank transactions and assets sales taking place subsequent to May 2009, will provide:

(1) the winning bid and the name of the winning bidder;

(2) the names of all losing bidders and the losing bid amounts, except for the cover bid (second-best bid) and name of the cover bidder, in a manner that de-links losing bidders’ names from their bid amounts (however, the name of the cover bidder, but not the cover bid, will also be provided in cases in which there is a total of three bidders);

(3) the cover bid and the name of the cover bidder in all such transactions and sales one year after the transaction or sale has closed; and

(4) the general methodology for determining that the winning bid in whole-bank transactions was the least costly bid.

The foregoing bid, bidder and methodology information on failed bank sales transactions will be made available under the FOIA, with only very limited information about such transactions (the cover bid) being temporarily withheld to avoid impairment of the FDIC’s statutory program for whole-bank resolutions and assets sales.
  

Please Note: In accordance with the November 12, 2009, failed bank bid disclosure policy adopted by the FDIC, additional bid, bidder and resolution methodology information will be provided—as it becomes available—as part of the Failed Bank Information for institutions on the Failed Bank List.

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Last Updated 01/23/2013 efoia@fdic.gov