The FDIC generally doesn't do "bids" based on this article https://www.npr.org/2009/03/26/102384657/anatomy-of-a-bank-t... it seems that the FDIC basically just shows up at a competing bank, tells them their buying the failed bank, and that's the end of it.
My father, controller at a mid-sized regional bank, was involved in a couple of these when I was growing up, and worked at the FDIC as an examiner in the 80s. My memory from the last takeover he did shortly after this NPR article was that the FDIC had given him the vaguest of hints that his bank was on a list that could be selected to takeover a bank in the next month or so, then called him on a Wednesday afternoon, told him he needed to be half a state over by Friday morning (which I also gathered was a little out of norm but the FDIC person was someone my Dad had dealt with for a while and there was mutual trust) for a meeting, and then they took over the bank on Friday. There was the impression from my dad that they could have tried to refuse, but his bank wanted to expand in that area anyway, the FDIC knew that, and decided it would be best to have a larger, not-in-the-market-but-near-it bank take over this smaller community bank.
My dad also was the lead in his bank purchasing other banks in the 90s, and that was a months long, tiring and stressful process that they knew how to manage, and he said that receiving a bank from the FDIC was a different level of acute stress.
Edit Just unlocked a memory, I think one of the reasons that my dad's bank got selected was also that they ran the same backend banking software, since it was going to be a crash acquisition.
> got selected was also that they ran the same backend banking software
It can not be overstated just how important this would have been. These backed systems are complex, expensive and horrible. Implementing a (mondern) new backend at a bank is a multi year multi $10million process.
My dad's bank switched to $COMPANY in the late 90s and to this day, when I run into people who work for them (which happens from time to time since they have offices in my city), I have to suppress my inclination to dislike them, since it was such a brutal two years for our family when dad was working 70+ hours unendingly.
My dad also was the lead in his bank purchasing other banks in the 90s, and that was a months long, tiring and stressful process that they knew how to manage, and he said that receiving a bank from the FDIC was a different level of acute stress.
Edit Just unlocked a memory, I think one of the reasons that my dad's bank got selected was also that they ran the same backend banking software, since it was going to be a crash acquisition.