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Bank Failures

Bid Summary for Desert Hills Bank, Phoenix, AZ

Desert Hills Bank, Phoenix, AZ
Closing Date: March 26, 2010

Failed Bank Information for Desert Hills Bank, Phoenix, AZ

Winning Bidder:

New York Community Bank, Westbury, NY

Winning Bid:

All deposits, modified whole bank with loss share - Asset Discount $37 million; Deposit premium 0%

Cover (second place) Bidder:

Enterprise Bank & Trust, St. Louis, MO

Cover Bid:

All deposits P&A – Deposit premium 0.43%.

Other Bids:

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. The bid for loss share was valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement. If any bids were received that would have been more costly than liquidation they have been excluded from this summary.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: November 23, 2020