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Bank Failures

Bid Summary for GreenChoice Bank, fsb, Chicago, IL

GreenChoice Bank, fsb, Chicago, IL
Closing Date: July 25, 2014

Failed Bank Information for GreenChoice Bank, fsb, Chicago, IL

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)Optional Loan Pool 100 (Performing) (% of BV)Optional Loan Pool 200 (Non-Performing) (% of BV)Optional OREO Pool (% of BV)Conforming Bid
Winning Bid and Bidder: Providence Bank, LLC, South Holland, ILAll deposit whole bank0.00%$(11,251)  62.34%N - 1,2
Cover Bid: Republic Bank of Chicago, Oak Brook, ILAll deposit whole bank1.025%$(15,111)  36.70%Y
Other Bid:  All deposit whole bank0.50%$(19,670)  26.00%Y
Other Bid:  All deposit whole bank0.00%$(12,482)  62.34%N - 1,3
Other Bid:  All deposit whole bank0.00%$(10,241)  62.34%N - 1,4
Other Bid:  All deposit whole bank0.00%$(12,007)  62.34%N - 1,5
Other Bid:  All deposit whole bank0.00%$(11,472)  62.34%N - 1,6
Other Bid:  All deposit whole bank0.00%$(13,328)  62.34%N - 1
Other Bid:  All deposit whole bank0.00%$(10,997)  62.34%N - 1,7
Other Bid:  All deposit whole bank0.00%$(12,228)  62.34%N - 1,8
Other Bid:  All deposit basic P&A with Loan Pools1.025% 70.15%No Bid36.70%Y

Conforming Bid Notes:

1- Stipulates no obligation to occupy or operate the Diversity branch beyond three months after the bank closing date.
2- Excludes $2.0 million in loans.
3- Excludes $559,000 in loans.
4- Excludes $4.1 million in loans.
5- Excludes $1.4 million in loans.
6- Excludes $2.6 million in loans.
7- Excludes $3.5 million in loans.
8- Excludes $2.1 million in loans.

Other Bidder Names & Locations:

Providence Bank, LLC, South Holland, IL
Republic Bank of Chicago, Oak Brook, IL
The Federal Savings Bank, Chicago, IL

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.
  • There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bid.
  • There are 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: August 3, 2021