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
| Bidder | Type of Transaction | Deposit Premium % | Asset Premium/(Discount) $(000) | Optional OREO Bid | Branch Option | Conforming Bid |
|---|---|---|---|---|---|---|
| Winning Bid and Bidder: Bank of Southern California, N.A., San Diego, CA | All deposit whole bank | 1.06% | $(3,555) | 50% | Y | Y |
| Cover Bid: American First National Bank, Houston, TX | All deposit whole bank | 0.00% | $ (4,850) | 85% | Waive | Y |
| Other Bid: | All deposit whole bank | 0.00% | $(5,300) | Waive | Y | N, See Note A |
| Other Bid: | All deposit whole bank | 0.00% | $(6,150) | 40% | Y | Y |
| Other Bid: | All deposit whole bank | 0.00% | $(6,150) | Waive | Y | Y |
| Other Bid: | All deposit whole bank | 0.00% | $(6,185) | 69% | Waive | Y |
| Other Bid: | All deposit whole bank | 0.00% | $(6,185) | Waive | Waive | Y |
| Other Bid: | Insured deposit whole bank | 1.00% | $(7,803) | 71% | Waive | Y |
| Other Bid: | All deposit whole bank | 1.00% | $(7,803) | 71% | Waive | Y |
| Other Bid: | NA | NA | NA | See Note B | NA | N, 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.