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Bank Failures

Bid Summary for Seaway Bank and Trust Company, Chicago, IL

Seaway Bank and Trust Company, Chicago, IL
Closing Date: January 27, 2017

Failed Bank Information for for Seaway Bank and Trust Company, Chicago, IL

BidderType of TransactionDeposit Premium %Asset Premium/ (Discount) $(000)Optional Loan Pool (SFR) (% of BV)Optional Loan Pool (Non-Perf SFR) (% of BV)Optional Loan Pool (ADC) (% of BV)Optional Loan Pool (CRE) (% of BV)Optional Loan Pool (Church) (% of BV)Optional Loan Pool (C&I and Govt Guar.) (% of BV)Optional OREO Pool (% of BV)Conforming Bid
Winning Bid:
State Bank of Texas, Dallas, TX
All deposit Whole Bank2.00%($48,100)N/AN/AN/AN/AN/AN/A100.00%Yes
Cover Bid:
First-Citizens Bank & Trust Company, Raleigh, NC
All Deposit Whole Bank2.25%($49,862)N/AN/AN/AN/AN/AN/ANo BidNo - 1
Other Bids:           
OtherAll deposit Whole Bank0.00%($87,700)N/AN/AN/AN/AN/AN/A50.00%Yes
OtherAll deposit Whole Bank1.05%($52,050)N/AN/AN/AN/AN/AN/ANo BidNo - 2
OtherAll deposit Whole Bank1.05%($67,200)N/AN/AN/AN/AN/AN/ANo BidNo - 3
OtherAll deposit Whole Bank2.00%($53,100)N/AN/AN/AN/AN/AN/A100.00%Yes
OtherAll deposit Whole Bank2.25%($50,862)N/AN/AN/AN/AN/AN/ANo BidNo - 1
OtherAll deposit Whole Bank2.25%($55,862)N/AN/AN/AN/AN/AN/ANo BidYes

Conforming Bid Notes:

1- Requests to serve market for six months and the option to occupy Bank premises for up to 210 days without any obligation to purchase FF&E.
2- Excludes $80.9 million of specified loans.
3- Excludes $48.5 million of specified loans.

Other Bidder Names & Locations:

First-Citizens Bank & Trust Company, Raleigh, NC
Liberty Bank and Trust Company, New Orleans, LA
Republic Bank of Chicago, 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.
  • 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 Financial Institution Bid Disclosure Policy


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Last Updated: December 16, 2021