Frontier Bank, FSB, Palm Desert, CA
Closing Date: November 7, 2014
|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
- 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 https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/biddocs.html