For joint venture transactions, prospective bidders will be required to meet transaction-specific criteria. Transaction-specific qualifications may vary from transaction to transaction. For example, certain transactions may require a higher net worth than other transactions.
As a general matter, the transaction-specific qualification process will require prospective bidders to complete, to the satisfaction of the FDIC, and return (in accordance with instructions provided in connection with the transaction) the following executed documents:
- Confidentiality Agreement
- Qualification Request
- Purchaser Eligibility Certification
- Office of Foreign Assets Control (OFAC) Certification
- Security Deposit Agreement
In addition, a security deposit, typically in the amount of $250,000, must be wired to the FDIC. The security deposit and all executed documents must be provided before access is given to the transaction due diligence materials.
Financial and Other Information
The FDIC reserves the right, with respect to any prospective bidder, to conduct credit investigations, to request financial and other information, and to condition its decision to qualify such prospective bidder upon receipt of such financial and other information and satisfactory credit investigations. The FDIC reserves the right to refuse to qualify any prospective bidder that fails to meet the applicable qualification criteria or provide any requested information. By submitting a request to be qualified, a prospective bidder authorizes the FDIC to conduct credit investigations through third-party reporting agencies.
Questions
Questions regarding the transaction-specific qualification process should be directed to prospectivepurchaser@fdic.gov or, if you have already received a transaction-specific announcement, to the financial advisor for that specific transaction.