Bid Summary
United Commercial Bank, San Francisco, CA
Closing date: November 6, 2009
Winning Bidder:
East West Bank, Pasadena, CA
Winning Bid:
All deposits, whole bank with loss share - Asset Discount of $1,069 million, Deposit Premium of 1.08%.
Cover (second place) Bidder:
New York Community Bank, Westbury, NY
Cover Bid:
All deposits, whole bank with loss share - Asset Discount of $1,150 million, Deposit Premium 0%.
Other Bidder Names & Locations:
East West Bank, Pasadena, CA
New York Community Bank, Westbury, NY
Other Bids:
All deposits, modified whole bank with loss share - Asset Discount of $888 million, Deposit Premium 1.08%.
Insured deposits, modified whole bank with loss share - Asset Discount of $888 million, Deposit Premium 0%.
All deposits, modified whole bank with loss share - Asset Discount of $1,150 million, 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. If any bids were received that would have been more costly than liquidation they have been excluded from this summary.
- 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.
- There are more bids than bidders because one or more bidders submitted more than one bid.
- This summary does not include bid information for United Commercial Bank's subsidiaries.
- For more information on the bid disclosure policy, see https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html