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Bank Failures

Bid Summary

City National Bank of New Jersey, Newark, NJ
Closing Date: November 1, 2019

Bidder Type of Transaction Deposit Premium % Asset Premium/(Discount) $(000) Optional Loan Pool (SFR) (% of BV) Optional Loan Pool (CRE) (% of BV) Optional Loan Pool (Church) (% of BV) Optional Loan Pool (C&I) (% of BV) Optional Loan Pool (Gov't Guaranteed) (% of BV) Optional Loan Pool (LSBO) (% of BV) Optional OREO Pool (% of BV) Conforming Bid
Winning Bid: Industrial Bank, Washington, DC All deposit Whole Bank 0.00% ($7,200) N/A N/A N/A N/A N/A N/A 100.00% Yes
Cover Bid: State Bank of Texas, Dallas, TX Insured deposit Whole Bank 2.06% ($12,500) N/A N/A N/A N/A N/A N/A 100% Yes
Other All deposit Whole Bank 0.00% ($13,050) N/A N/A N/A N/A N/A N/A No Bid Yes
Other All deposit Whole Bank 0.00% ($13,129) N/A N/A N/A N/A N/A N/A No Bid No-1
Other All deposit Whole Bank 0.00% ($20,000) N/A N/A N/A N/A N/A N/A No Bid Yes
Other All deposit Whole Bank 2.06% ($12,500) N/A N/A N/A N/A N/A N/A 100.00% Yes
Other All deposit Whole Bank 2.42% ($23,668) N/A N/A N/A N/A N/A N/A 50.00% Yes
Other All deposit Basic P&A with Optional Loan Pools 2.42% N/A No Bid 60.77% No Bid No Bid No Bid No Bid 50.00% Yes
Other All deposit Basic P&A with Optional Loan Pools 2.42% N/A 79.64% 60.2% No Bid 70.8% No Bid 8.00% 50.00% Yes

Conforming Bid Note:

1- Requests option to occupy premises for up to 210 days without obligation to purchase or assume any leases or FF&E.

Other Bidder Names & Locations:

First-Citizens Bank and Trust Company, Raleigh, NC
Liberty Bank & Trust, New Orleans, LA
State Bank of Texas, Dallas, TX
Wallis Bank, Wallis, TX

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 cover (second best) bid is the bid that: a. Is less costly then liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • There is no linkage between bidder names and bids, except in the case of the winning and cover bids.
  • There may be more bids than bidders because one or more bidders submitted more than one bid.
  • 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: May 28, 2021