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Bid Summary
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Mirae Bank
Los Angeles, CA
Closing Date: June 26, 2009
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Winning Bidder:
Wilshire State Bank, Los Angeles, CA
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Winning Bid:
All deposits whole bank with loss share – Asset Discount $35,990,000,
Deposit Premium 1.1%.
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Cover (second place)
Bidder:
Commonwealth Business Bank, Los Angeles, CA
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Cover Bid: All deposits, whole bank with loss share – Asset Discount of $40 million,
Deposit Premium 1.0%. |
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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%.
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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
http://www.fdic.gov/about/freedom/biddocs.html.
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