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Bank Failures

Bid Summary

Fort Lee Federal Savings Bank, FSB, Fort Lee, New Jersey
Closing Date: April 20, 2012

Bidder Type of Transaction Deposit Premium % Asset Premium/(Discount) $(000) SF Loss Share Tranche 1 SF Loss Share Tranche 2 SF Loss Share Tranche 3 Commercial Loss Share Tranche 1 Commercial Loss Share Tranche 2 Commercial Loss Share Tranche 3 Value Appreciation Instrument Conforming Bid Linked
Winning bid and bidder: Alma Bank, Astoria, NY All Deposit P&A 1.85% N/A N/A N/A N/A N/A N/A N/A No Yes N/A
Cover - North Jersey Community Bank, Englewood Cliffs, NJ All Deposit P&A 0.30% NA NA NA NA NA NA NA No Yes NA
Other Bid: None                        

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative. The liquidation alternative was valued using valuation models to estimate the market value of the assets. Bids for loss share, if any, were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • The cover bid is the bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html

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Last Updated: December 20, 2021