TAILIEUCHUNG - PURCHASE AND ASSUMPTION TRANSACTIONS CHAPTER 3

Banks worldwide are facing a crisis of confidence. According to a nationally representative survey in the US, less than half the customers had confidence in the financial security of banks – not a faith-inspiring number when you consider the fact that this survey was conducted a week before the Lehman Brothers filed for bankruptcy. The sub-prime fiasco, Madoff scandal and subsequent market downslide have destroyed customer faith and trust in financial institutions. They are worried about their savings and investments and will not think twice about pulling out their money from banks if they fear its safety is at. | CHAPTER 3 - PURCHASE AND ASSUMPTION TRANSACTIONS Historically the Federal Deposit Insurance Corporation FDIC has used three basic resolution methods purchase and assumption P A transactions deposit payoffs and open bank assistance OBA transactions. Of the three purchase and assumption transactions are the most common. Structure of a Purchase and Assumption Transaction A P A is a resolution transaction in which a healthy institution purchases some or all of the assets of a failed bank or thrift and assumes some or all of the liabilities including all insured deposits. P As are less disruptive to communities than payoffs. There are many variations of P A transactions two of the more specialized P As are loss sharing transactions and bridge banks. Each type of P A including loss sharing and bridge banks are discussed separately on the following pages. In a P A the liabilities assumed by the acquirer include all or some of the deposit liabilities and secured liabilities for example deposit accounts secured by . Treasury issues and repurchase The assets acquired vary depending on the type of P A. Some of the assets typically loans are purchased outright at the bank or thrift closing by the assuming bank under the terms of the P A. Other assets of the failed institution may be subject to an exclusive purchase option by the assuming institution for a period of 30 60 or 90 days after the bank or thrift Some categories of assets never pass to the acquirer in a P A they remain with the receiver. These include claims against former directors and officers claims under bankers blanket bonds and director and officer insurance policies prepaid assessments and tax receivables. Subsidiaries and owned real estate except institution premises pass infrequently to the acquirer in P A transactions. Additionally a standard P A provision allows the assuming institution to require the receiver to repurchase any acquired loan that has forged or stolen instruments.

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