Temecula Valley Bank, Temecula, CA
Closing Date: July 17, 2009
First-Citizens Bank & Trust Company, Raleigh, NC
All deposits, whole bank with loss share – Asset Discount of $135 million, Deposit Premium 0%.
Other Bidder Names & Locations:
- The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative and the other bid. 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.
- Although two bids were received for this institution, the second bid would have been more costly than liquidation. It has therefore been excluded from this summary.
- For more information on the bid disclosure policy, see www.fdic.gov/about/freedom/biddocs.html.