Bid Summary
Premier American Bank, Miami, FL
Closing Date: January 22, 2010
Winning Bidder:
Premier American Bank, N.A., Miami, FL
Winning Bid:
All deposits, whole bank with loss share1 – Asset Discount of $60,082,000, Deposit Premium 0%
Other Bids:
No other bids were received.
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 bid for loss share was valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html
Footnote:
1 As part of this transaction, the FDIC acquired a cash participation instrument. This instrument served as additional consideration for the transaction.