Imperial Capital Bank, La Jolla, CA
Closing Date: December 18, 2009
Failed Bank Information for Imperial Capital Bank, La Jolla, CA
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) | SF Loss Share Tranche 1 | SF Loss Share Tranche 2 | SF Loss Share Tranche 3 | Commercial Loss Share Tranche 1 | Commercial Loss Share Tranche 2 | Commercial Loss Share Tranche 3 | Value Appreciation Instrument | Conforming Bid | Linked |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Winning bid and bidder: City National Bank, Los Angeles, CA | All deposit whole bank with loss share | 0.24% | $(244,000) | 80% | 95% | N/A | 80% | 95% | N/A | No | No (1) | N/A |
| Cover (second place): OneWest Bank, FSB, Pasadena, CA | All deposit whole bank with loss share | 0.00% | $(380,000) | 80% | 95% | N/A | 80% | 95% | N/A | No | Yes | N/A |
| Other Bids: None |
(1) City National Bank's bid was nonconforming as it included a provision that allows it to sell up to $400 million of commercial shared loss assets with loan-to value greater than 75 percent during the last nine months of the seventh year of the 7-year commercial loss share agreement contract.
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. 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. If any bid would have been more costly than liquidation they have been excluded from this summary.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.