Bid Summary
Second Federal Savings and Loan Association of Chicago, Chicago, IL
Closing Date: July 20, 2012
| Bidder | Type of Transaction | Deposit Premium/ (Discount) $(000) | Deposit Premium/ (Discount) % | Asset Premium/(Discount) $(000) | SF Loss Share Tranche 1 % | SF Loss Share Tranche 2 % | SF Loss Share Tranche 3 % | Commercial Loss Share Tranche 1 % | Commercial Loss Share Tranche 2 % | Commercial Loss Share Tranche 3 % | Value Appreciation Instrument | Conforming Bid | Linked |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Winning Bid and Bidder: Hinsdale Bank and Trust Company, Hinsdale, IL |
All deposit Clean P&A | $100,000 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 1,2,3 | N/A |
| Cover: None |
N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Bid: | All deposit Clean P&A | N/A | 0.00% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 4,5 | N/A |
| Other Bid: | All deposit whole bank | N/A | 0.50% | $(130,300) | N/A | N/A | N/A | N/A | N/A | N/A | No | No - 6 | N/A |
Conforming Bid Notes:
1- Excludes any assets and or borrowings from Federal Home Loan Bank (FHLB), securities, capital stock, amounts owed to the Failed Bank subsidiaries, and mortgage servicing rights.
2- Extends purchase option from 30 days post closing to
180 days, modifies Bank premises purchase option price to reflect disposition value.
3- If bidder chooses not to purchase any of the branches, requests to occupy Bank premises for up to 365 days after closing date and will pay below market
rental price.
4- Offers significantly less than the fixed offering price for the three branches.
5- Excludes assets and liabilities that typically pass in a Clean P&A ttransaction.
6- Proposes to immediately sell Failed Bank to
a specific Credit Union.
Other Bidder Names & Locations:
Hinsdale Bank and Trust, Rosewood, IL
One PacificCoast Bank, Oakland, CA
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. Bids for loss share, if any, were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- The cover bid is the bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
- 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.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html