1st Pacific Bank of California, San Diego, CA
Closing Date: May 7, 2010
Failed Bank Information for 1st Pacific Bank of California, San Diego, CA
All bids were All Deposit, Whole Bank with Loss Share:
| Bidder | Asset Discount | Deposit Premium | First Loss Tranche |
|---|---|---|---|
| Winning: City National Bank, Los Angeles, CA | 14.20% | 1.62% | 7.08% |
| Cover (second place) - City National Bank, Los Angeles, CA | 8.24% | 1.62% | 0% |
| Other | 9.90% | 1.10% | 0% |
| Other* | 13.89% | 1.62% | 7.08% |
*Requested loss share modification
Other Bidder Names:
- City National Bank, Beverly Hills, CA
- Pacific Western Bank, San Diego, CA
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.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.