Replies to post #29420 on United Western Bancorp Inc (fka UWBKQ)

[renoldman]

Bidding process?

You do realize that the FDIC has backstopped more than $100 Million in losses, right?

FCNCA never paid a dime. They were entrusted the assets and some of the liabilities of UWBK.

If the FDIC did not backstop the losses, FCNCA would have lost about $50 Million (maybe more) by now. BUT, because the FDIC stopped the losses, they still have a gain.

See:

http://www.sec.gov/Archives/edgar/data/798941/000079894113000007/fcnca_10kx12312012.htm

Page 25, lists that FCNCA had a gain of 63.474 Million on the acquisition of the assets.

http://www.sec.gov/Archives/edgar/data/798941/000079894113000038/fcnca_10qx09302013.htm

Page 51, lists the estimated loss provision and how much FCNCA has had to claim for each of the Banks they were given the assets of.

Note that UWBK's portion is 136 Million. Of which, FCNCA has claimed 114.5 Million.

If this is true, had the FDIC not provided support, FCNCA would have seen a loss on the acquisition.

[maxoliver]

In the fall of 2010, 60 minutes did a special on how the fdicks close banks down. They have a selective list of bidders they have on speed dial. Fc is a bronie of theirs.