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