Bid Summary
First Federal Bank of California, Santa Monica, CA
Closing date: December 18, 2009
Winning Bidder:
OneWest Bank, FSB, Pasadena, CA
Winning Bid:
All deposits, whole bank with loss share - Asset Premium of $401 million, Deposit Premium 0%.
Cover (second place) Bidder:
People's United Bank, Bridgeport, CT
Cover Bid:
All deposits, whole bank with loss share - Asset Discount of $298 million, Deposit Premium 0%.
Other Bidder Names:
Bank of the West, San Francisco, CA
Ford Group Bank FSB, Dallas, TX
Other Bids:
All deposits, whole bank with loss share - Asset Discount of $425
million, Deposit Premium 0%.
All deposits, whole bank with loss share - Asset Discount of $480,254,216,
Deposit Premium 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.
- 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, seehttps://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html