Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Bid Summary

Westside Community Bank, University Place, WA
Closing Date: January 11, 2013

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: Sunwest Bank, Irvine, CA All deposit Whole Bank P&A $1 Million $ (26,500) N/A N/A N/A N/A N/A N/A No Yes N/A
Cover: Heritage Bank, Olympia, WA All deposit Whole Bank P&A 0.00% $ (37,300) N/A N/A N/A N/A N/A N/A No Yes N/A
Other Bid: All deposit Whole Bank P&A with Loss Share 0.00% $ (13,100) N/A N/A N/A 80% 80% N/A No No - 1,2 N/A
Other Bid: All deposit Whole Bank P&A 0.00% $ (39,522) N/A N/A N/A N/A N/A N/A No Yes N/A

Conforming Bid Notes:

1- Excludes approximately $35.9 million in commercial loans and OREO.
2- Excludes approximately $7.8 million in residential loans and OREO.

Other Bidder Names & Locations:

GBC International Bank, Los Angeles, CA
Sound Community Bank, Seattle, WA

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 and the cover bid.
  • For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html

Back to top

Last Updated: December 20, 2021