IndyMac Federal Bank FSB., Pasadena, CA
March 19, 2009
Failed Bank Information for IndyMac Bank, F.S.B., and IndyMac Federal Bank, F.S.B., Pasadena, CA
On March 19, 2009 the Federal Deposit Insurance Corporation (FDIC) completed the sale of IndyMac Federal Bank FSB, Pasadena, California, to OneWest Bank, FSB, Pasadena, California, a newly formed federal savings bank organized by IMB HoldCo LLC.
On October 6, 2008 twenty-three Indicative Bids were received. On December 15, 2008 six final round Bids were received. The schedules below summarize the bidding results.
IndyMac
Indicative Bid Round - October 6, 2008
| Bid | Bid Amount (in millions) | Deposit Franchise - Group 1 | Loan Svcg - Group 2 | Fin'l Freedom - Group 3 | Securities - Group 4 | Mtg Loans - Group 5 | Consumer Constr Loans - Group 6 | Home Bldr Lns - Group 7 | Lot Loans - Group 8 |
|---|---|---|---|---|---|---|---|---|---|
| Linked Bid A | $20,240 | X | X | X | X | X | X | X | X |
| Linked Bid B | $17,400 | X | X | X | X | X | X | X | X |
| Linked Bid C | $16,770 | X | X | X | X | X | X | X | X |
| Linked Bid D | $12,303 | X | X | X | X | X | X | X | X |
| Linked Bid E | $12,107 | X | X | X | X | X | X | X | X |
| Linked Bid F | $13,822 | X | X | X | X | ||||
| Linked Bid G | $15,110 | X | X | X | X | ||||
| Linked Bid H | $16,710 | X | X | X | X | ||||
| Linked Bid I | $7,634 | X | X | X | |||||
| Linked Bid J | $1,016 | X | X | ||||||
| Unlinked Bid 1 | $133 | X | |||||||
| Unlinked Bid 2 | $41 | X | |||||||
| Unlinked Bid 3 | $0 | X | |||||||
| Unlinked Bid 4 | $1,205 | X | |||||||
| Unlinked Bid 5 | $125 | X | |||||||
| Unlinked Bid 6 | $660 | X | |||||||
| Unlinked Bid 7 | $3,800 | X | |||||||
| Unlinked Bid 8 | $3,420 | X | |||||||
| Unlinked Bid 9 | $3,296 | X | |||||||
| Unlinked Bid 10 | $3,296 | X | |||||||
| Unlinked Bid 11 | $2,988 | X | |||||||
| Unlinked Bid 12 | $3,240 | X | |||||||
| Unlinked Bid 13 | $3,452 | X | |||||||
| Unlinked Bid 14 | $8,136 | X | |||||||
| Unlinked Bid 15 | $7,319 | X | |||||||
| Unlinked Bid 16 | $6,497 | X | |||||||
| Unlinked Bid 17 | $5,904 | X | |||||||
| Unlinked Bid 18 | $5,555 | X | |||||||
| Unlinked Bid 19 | $5,878 | X | |||||||
| Unlinked Bid 20 | $4,000 | X | |||||||
| Unlinked Bid 21 | $110 | X | |||||||
| Unlinked Bid 22 | $152 | X | |||||||
| Unlinked Bid 23 | $130 | X |
Indicative Bidders List
ACS
Apollo/Vantium Capital
Blackrock (by themselves)
Blackrock/PennyMac
Capmark
Cerberus
DE Shaw
Dune/Paulson/Merrill PE
Golden 1 Credit Union
Goldman Sachs/Fortress/Bayview/CapitalSource/Court Square/Landcap
Greenwich Capital Financial Products
Guaranty Bank
JC Flowers
KBC Financial
LNV Corp (Beal Bank/CSG Inv)
Lone Star
Paulson & Co.
QVT Mount Auburn Capital
Residential Credit Solutions
Rockpoint
Roosevelt (TPG-Axon)
Vectura
WL Ross (American Home Mortgage)
IndyMac
Final Bid Round - December 15, 2008
| Bid | Bid Amount (in millions) | Deposit Franchise - Group 1 | Loan Svcg - Group 2 | Fin'l Freedom - Group 3 | Securities - Group 4 | Mtg Loans - Group 5 | Consumer Constr Loans - Group 6 | Home Bldr Lns - Group 7 | Lot Loans - Group 8 |
|---|---|---|---|---|---|---|---|---|---|
| Linked Bid A | $13,652 | X | X | X | X | X | X | X | X |
| Linked Bid B | $12,793 | X | X | X | X | X | X | X | |
| Linked Bid C | $8,191 | X | X | X | X | X | |||
| Linked Bid D | $250 | X | X | X | |||||
| Unlinked Bid 1 | $(95) | X | |||||||
| Unlinked Bid 2 | $80 | X |
Final Round Bidders List
Winning Bid - Dune/Paulson Consortium (IMB HoldCo LLC) - Linked Bid A
Beal Bank
Goldman Sachs Consortium - Linked Bid B
Roosevelt Management
US Bancorp - Unlinked Bid 1
Vectura
Cover Bid
A combination of Linked Bid B and Unlinked Bid 1
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. The bid for loss share was valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
- The Other Bidder Names and the Other Bids are in random order. There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bid.
- For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy