To the Editor:

The article from Sept. 25 on the Federal Deposit Insurance Corp.'s agreement with First Financial Bank to take over the Irwin banks ["Acquirer Impresses with Terms Won in Failure Buy"] fails to capture how the process works. The FDIC resolves failing banks through a competitive auction process. FDIC establishes the structure and terms of the transaction and offers the same provisions to all bidders, ensuring a level playing field.

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