1st Pacific Bank of California, San Diego, CA
Closing Date: May 7, 2010
All bids were All Deposit, Whole Bank with Loss Share:
|Bidder||Asset Discount||Deposit Premium||First Loss Tranche|
City National Bank, Los Angeles, CA
|Cover (second place) - City National Bank, Los Angeles, CA||8.24%||1.62%||0%|
*Requested loss share modification
Other Bidder Names:
- City National Bank, Beverly Hills, CA
- Pacific Western Bank, San Diego, CA
- 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.
- 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 www.fdic.gov/about/freedom/biddocs.html