Bid Summary
Eurobank, San Juan, PR
Closing Date: April 30, 2010
Winning Bidder:
Oriental Bank & Trust, San Juan, Puerto Rico
Winning Bid:
All deposits, whole bank with loss share – Asset Discount of 13.80%; Deposit Premium of 1.25%; First Loss Tranche 0%; Financing Note; Equity Appreciation Instrument.
Cover (second place) Bidder:
Oriental Bank & Trust, San Juan, Puerto Rico
Cover Bid:
All deposits, modified whole bank with loss share – Asset Discount of 13.00%; Deposit Premium 1.25%; First Loss Tranche 0%.
Other Bidder Names:
Omitted from this disclosure
Other Bids:
All deposits, whole bank with loss share – Asset Discount of 18.50%; Deposit Premium of 1.0%, First Loss Tranche 0%; Financing Note; Equity Appreciation Instrument – four bids with various links to other institution bids.
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.
- There are 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