Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Bid Summary for Affinity Bank, Ventura, CA

Affinity Bank, Ventura, CA
Closing Date: August 28, 2009

Failed Bank Information for Affinity Bank, Ventura, CA

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)SF Loss Share Tranche 1SF Loss Share Tranche 2SF Loss Share Tranche 3Commercial Loss Share Tranche 1Commercial Loss Share Tranche 2Commercial Loss Share Tranche 3Value Appreciation InstrumentConforming BidLinked
Winning bid and bidder:
Pacific Western Bank, San Diego, CA
All deposit whole bank with loss share0.00%$(133,000)80%95%N/A80%95%N/ANoYesN/A
Cover - First-Citizens Bank & Trust Co Raleigh, NCAll deposit whole bank with loss share0.00%$(200,000)80%95%N/A80%95%N/ANoYesN/A

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative. The liquidation alternative was valued using valuation models to estimate the market value of the assets. Bids for loss share, if any, were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • The cover bid is the bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy

Back to top

Last Updated: April 19, 2022