Chicago-based Royal Savings Bank's winning bid to acquire failed Chicago-based Washington Federal Bank for Savings was one of seven, according to a Federal Deposit Insurance Corp. bid summary last updated Dec. 20.
On Dec. 15, the Office of the Comptroller of the Currency shuttered Washington Federal and appointed the FDIC receiver. The FDIC, in turn, entered into a purchase and assumption agreement with Royal Savings Bank to assume the insured deposits of the failed bank.
Royal Savings Bank, a unit of Royal Financial Inc., acquired Washington Federal in an insured deposit, basic purchase and assumption bid, with a 1.26% deposit premium. It was a conforming bid.
Details of the cover bid were omitted from the summary in accordance with FDIC policy.
The remaining six bids included those from Raleigh, N.C.-based First-Citizens Bank & Trust Co., a unit of First Citizens BancShares Inc.; Chicago-based First Savings Bank of Hegewisch; and Oak Brook, Ill.-based Republic Bank of Chicago, a unit of Republic Bancorp Co.