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Bank Failures

Bid Summary for Frontier Bank, FSB D/B/A El Paseo Bank, Palm Desert, CA

Frontier Bank, FSB, Palm Desert, CA
Closing Date: November 7, 2014

Failed Bank Information for Frontier Bank, FSB D/B/A El Paseo Bank, Palm Desert, CA

BidderType of TransactionDeposit Premium %Asset Premium/(Discount) $(000)Optional OREO BidBranch OptionConforming Bid
Winning Bid and Bidder: Bank of Southern California, N.A., San Diego, CAAll deposit whole bank1.06%$(3,555)50%YY
Cover Bid: American First National Bank, Houston, TXAll deposit whole bank0.00%$ (4,850)85%WaiveY
Other Bid:  All deposit whole bank0.00%$(5,300)WaiveYN, See Note A
Other Bid:  All deposit whole bank0.00%$(6,150)40%YY
Other Bid:  All deposit whole bank0.00%$(6,150)WaiveYY
Other Bid:  All deposit whole bank0.00%$(6,185)69%WaiveY
Other Bid:  All deposit whole bank0.00%$(6,185)WaiveWaiveY
Other Bid:  Insured deposit whole bank1.00%$(7,803)71%WaiveY
Other Bid:  All deposit whole bank1.00%$(7,803)71%WaiveY
Other Bid:  NANANASee Note BNAN, See Note B

Note A - This bid excluded the Utah Loan Pool
Note B - This bid was for a discount of $2.768 million for only the Utah loan pool and OREO, and it did not include the banking franchise or any other assets.

Other Bidder Names & Locations:

Cache Valley Bank, Logan, UT
First Foundation Bank, Irvine, CA
Pacific Premier Bank, Irvine, CA
United Fidelity Bank, Evansville, IN

Notes:

  • The winning bidder's acquisition of all the deposits was the least costly resolution compared to a liquidation alternative. The liquidation alternative was valued using valuation models to estimate the market value of the assets. Bids for loss share, if any, were valued using a discounted cash flow analysis for the loss share portfolio over the life of the loss share agreement.
  • The cover bid is the bid that: a. Is less costly than liquidation and b. Is the least costly bid after excluding all bids submitted by the winning bidder.
  • There is no linkage between bidder names and bids, except in the case of the winning bid and the cover bid.
  • There are more bids than bidders because one or more bidders submitted more than one bid.
  • For more information on the bid disclosure policy, see Failed Financial Institution Bid Disclosure Policy.


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Last Updated: December 22, 2021