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Bank Failures

Bid Summary for City National Bank of New Jersey, Newark, NJ

City National Bank of New Jersey, Newark, NJ
Closing Date: November 1, 2019

Failed Bank Information for City National Bank of New Jersey, Newark, NJ

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)Optional Loan Pool (SFR) (% of BV)Optional Loan Pool (CRE) (% of BV)Optional Loan Pool (Church) (% of BV)Optional Loan Pool (C&I) (% of BV)Optional Loan Pool (Gov't Guaranteed) (% of BV)Optional Loan Pool (LSBO) (% of BV)Optional OREO Pool (% of BV)Conforming Bid
Winning Bid: Industrial Bank, Washington, DCAll deposit Whole Bank0.00%($7,200)N/AN/AN/AN/AN/AN/A100.00%Yes
Cover Bid: State Bank of Texas, Dallas, TXInsured deposit Whole Bank2.06%($12,500)N/AN/AN/AN/AN/AN/A100%Yes
OtherAll deposit Whole Bank0.00%($13,050)N/AN/AN/AN/AN/AN/ANo BidYes
OtherAll deposit Whole Bank0.00%($13,129)N/AN/AN/AN/AN/AN/ANo BidNo-1
OtherAll deposit Whole Bank0.00%($20,000)N/AN/AN/AN/AN/AN/ANo BidYes
OtherAll deposit Whole Bank2.06%($12,500)N/AN/AN/AN/AN/AN/A100.00%Yes
OtherAll deposit Whole Bank2.42%($23,668)N/AN/AN/AN/AN/AN/A50.00%Yes
OtherAll deposit Basic P&A with Optional Loan Pools2.42%N/ANo Bid60.77%No BidNo BidNo BidNo Bid50.00%Yes
OtherAll deposit Basic P&A with Optional Loan Pools2.42%N/A79.64%60.2%No Bid70.8%No Bid8.00%50.00%Yes

Conforming Bid Note:

1- Requests option to occupy premises for up to 210 days without obligation to purchase or assume any leases or FF&E.

Other Bidder Names & Locations:

First-Citizens Bank and Trust Company, Raleigh, NC
Liberty Bank & Trust, New Orleans, LA
State Bank of Texas, Dallas, TX
Wallis Bank, Wallis, TX

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.
  • The cover (second best) bid is the bid that: a. Is less costly then liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • There is no linkage between bidder names and bids, except in the case of the winning and cover bids.
  • There may be more bids than bidders because one or more bidders submitted more than one bid.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.

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Last Updated: May 28, 2021