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Bank Failures

Bid Summary

Mirae Bank, Los Angeles, CA
Closing Date: June 26, 2009

Winning Bidder:

Wilshire State Bank, Los Angeles, CA

Winning Bid:

All deposits whole bank with loss share – Asset Discount $35,990,000, Deposit Premium 1.1%.


Cover (second place) Bidder:

Commonwealth Business Bank, Los Angeles, CA

Cover Bid:

All deposits, whole bank with loss share – Asset Discount of $40 million, Deposit Premium 1.0%.

Other Bidder:

Wilshire State Bank, Los Angeles, CA

Other Bid:

All deposits, whole bank with loss share – Asset Discount of $40 million, Deposit Premium 1.0%.

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bids. The liquidation alternative was valued using valuation models to estimate the market value of the assets. The bids for loss share were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • Non-conforming bids, if any, are excluded from this summary.
  • 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: November 20, 2020