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