GreenChoice Bank, fsb, Chicago, IL
Closing Date: July 25, 2014
| Bidder | Type of Transaction | Deposit 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, IL | All deposit whole bank | 0.00% | $(11,251) | 62.34% | N - 1,2 | ||
| Cover Bid: Republic Bank of Chicago, Oak Brook, IL | All deposit whole bank | 1.025% | $(15,111) | 36.70% | Y | ||
| Other Bid: | All deposit whole bank | 0.50% | $(19,670) | 26.00% | Y | ||
| Other Bid: | All deposit whole bank | 0.00% | $(12,482) | 62.34% | N - 1,3 | ||
| Other Bid: | All deposit whole bank | 0.00% | $(10,241) | 62.34% | N - 1,4 | ||
| Other Bid: | All deposit whole bank | 0.00% | $(12,007) | 62.34% | N - 1,5 | ||
| Other Bid: | All deposit whole bank | 0.00% | $(11,472) | 62.34% | N - 1,6 | ||
| Other Bid: | All deposit whole bank | 0.00% | $(13,328) | 62.34% | N - 1 | ||
| Other Bid: | All deposit whole bank | 0.00% | $(10,997) | 62.34% | N - 1,7 | ||
| Other Bid: | All deposit whole bank | 0.00% | $(12,228) | 62.34% | N - 1,8 | ||
| Other Bid: | All deposit basic P&A with Loan Pools | 1.025% | 70.15% | No Bid | 36.70% | 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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html