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Bank Failures

Bid Summary

Second Federal Savings and Loan Association of Chicago, Chicago, IL
Closing Date: July 20, 2012

Bidder Type of Transaction Deposit Premium/ (Discount) $(000) Deposit Premium/ (Discount) % 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:
Hinsdale Bank and Trust Company, Hinsdale, IL		 All deposit Clean P&A $100,000 N/A N/A N/A N/A N/A N/A N/A N/A No No - 1,2,3 N/A
Cover:
None 		N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Other Bid: All deposit Clean P&A N/A 0.00% N/A N/A N/A N/A N/A N/A N/A No No - 4,5 N/A
Other Bid: All deposit whole bank N/A 0.50% $(130,300) N/A N/A N/A N/A N/A N/A No No - 6 N/A

Conforming Bid Notes:

1- Excludes any assets and or borrowings from Federal Home Loan Bank (FHLB), securities, capital stock, amounts owed to the Failed Bank subsidiaries, and mortgage servicing rights.
2- Extends purchase option from 30 days post closing to 180 days, modifies Bank premises purchase option price to reflect disposition value.
3- If bidder chooses not to purchase any of the branches, requests to occupy Bank premises for up to 365 days after closing date and will pay below market rental price.
4- Offers significantly less than the fixed offering price for the three branches.
5- Excludes assets and liabilities that typically pass in a Clean P&A ttransaction.
6- Proposes to immediately sell Failed Bank to a specific Credit Union.

Other Bidder Names & Locations:

Hinsdale Bank and Trust, Rosewood, IL
One PacificCoast Bank, Oakland, CA

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.
  • 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.
  • 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: April 25, 2022