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Nov 7, 2014

FDIC Press Release - November 7, 2014: Bank of Southern California, N.A., San Diego, California, Assumes All of the Deposits of Frontier Bank, FSB, d/b/a El Paseo Bank, Palm Desert, California.

FDIC

Press Release

Bank of Southern California, N.A., San Diego, California, Assumes All of the Deposits of Frontier Bank, FSB, d/b/a El Paseo Bank, Palm Desert, California

FOR IMMEDIATE RELEASE
November 7, 2014
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Cell: 571-215-6027
Email: lwilliams-young@fdic.gov
Frontier Bank, FSB, Palm Desert, California was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of Southern California, N.A., San Diego, California, to assume all of the deposits of Frontier Bank, FSB.

The two branches of Frontier Bank, FSB, doing business as El Paseo Bank, will reopen as branches of Bank of Southern California, N.A. during their normal business hours. Depositors of Frontier Bank, FSB will automatically become depositors of Bank of Southern California, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Frontier Bank, FSB should continue to use their current branch until they receive notice from Bank of Southern California, N.A. that systems conversions have been completed to allow full-service banking at all branches of Bank of Southern California, N.A.

Depositors of Frontier Bank, FSB can continue to access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2014, Frontier Bank, FSB had approximately $86.4 million in total assets and $82.1 million in total deposits. Bank of Southern California, N.A. will pay the FDIC a premium of 1.06 percent to acquire all of the deposits of Frontier Bank, FSB. In addition to assuming all of the deposits of Frontier Bank, FSB, Bank of Southern California, N.A. agreed to purchase essentially all of the failed bank's assets.
Customers with questions about today's transaction should call the FDIC toll-free at 1-800-528-6215. The phone number will be operational this evening until 9:00 p.m.; Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; on Monday from 8:00 a.m. to 8:00 p.m., PST; and thereafter from 9:00 a.m. to 5:00 p.m., PST. Interested parties also can visit the FDIC's Web site 

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.7 million. Compared to other alternatives, Bank of Southern California, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Frontier Bank, FSB is the 17th FDIC-insured institution to fail in the nation this year, and the first in California. The last FDIC-insured institution closed in the state was Palm Desert National Bank, Palm Desert, on April 27, 2012.




DealBook P.M. Edition on November 7, 2014: Bank Regulators Warn Again on Leveraged Loans.

For the latest updates, go to dealbook.nytimes.com »
FRIDAY, NOVEMBER 7, 2014
TOP STORY
A branch of Sears at the Chambersburg Mall in Scotland, Pa.
Sears Weighs Selling Some Stores to Investment Trust to Raise Cash In its campaign to raise much-needed cash, Sears Holdings seems willing to explore different and complicated financial engineering methods.
Sears is considering selling 200 to 300 stores to a real estate investment trust and then leasing back the sites.
Reuters Breakingviews: All Not Right in Sears R.E.I.T. Plan A R.E.I.T. sale and leaseback would raise much-needed cash. But the prospects for the rump retailer remain pretty dim, says Kevin Allison of Reuters Breakingviews.
DEALBOOK HIGHLIGHTS
Zachary Warren, with his mother and lawyer, after his arraignment at Manhattan Criminal Court earlier this year.
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Ben Black, the son of the billionaire financier Leon D. Black, dedicated his fight to his mother.
The Raging Bulls on Wall Street, Charity Division Wall Street executives have no doubt used the language of the sweet science, but several of them got a taste of the real thing on Thursday, entering the ring to raise money for cancer research.
Tom Shannon's chain of bowling alleys, Bowlmor AMF, is just one of many companies that have tapped the leveraged loan market.
Bank Regulators Warn Again on Leveraged Loans As part of an annual review of bank lending, three federal agencies sharply criticize a type of loan that Wall Street firms have been making to companies with low credit ratings.
Former Trader Ensnared in Libor Case Faces Another InquiryThe British brokerage firm Tullett Prebon Group said it was being investigated over trades made by two former employees, including Noel Cryan, who had also been charged with manipulating interest rates.
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Canary Wharf is home to much of London's investment banking community.
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BUZZ TRACKER
Federal bankruptcy judge Steven Rhodes approved Detroit's plan to exit bankruptcy, on Friday.
Judge Approves Detroit's Plan to Exit Bankruptcy The decision allows the city to shed $7 billion in debt and to invest about $1.7 billion into long-neglected services after deals were struck with creditors.
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Loretta E. Lynch testifying in New York last year at a hearing of the Moreland Commission to Investigate Public Corruption. Ms. Lynch is a United States attorney who has twice been confirmed by the Senate, in 2000 and in 2010.
Loretta Lynch, Federal Prosecutor, Is Called a Leading Candidate for Attorney General Ms. Lynch, the top federal prosecutor in Brooklyn, is the leading contender to succeed Eric H. Holder Jr., who is stepping down.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Biggest Gainers Closing on November 7, 2014.

Biggest Gainers Closing
Biggest Gainers
4:46 pm ET 11/07/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
ChannelAdvisor (ECOM)2,625,493$17.855.6546.31
Q2 Holdings (QTWO)986,63918.873.7724.97
Seventy Seven Energy (SSE)2,240,03612.872.4323.28
Goodrich Petroleum (GDP)2,658,9728.981.5120.21
Arch Coal (ACI)17,646,0752.860.4418.18
Primero Mining (PPP)1,344,3473.630.5517.86
Eaton Vance (EV)8,186,44243.906.3817.00
Rio Alto Mining (RIOM)546,5332.400.3416.50
Walter Energy (WLT)8,708,5683.190.4516.42
Pretium Resources (PVG)785,7575.050.7016.09
Alpha Natural Resources (ANR)21,517,0152.910.3915.48
Envestnet (ENV)713,12152.166.8715.17
Ply Gem Holdings (PGEM)1,012,01313.051.6814.78
Jones Energy Cl A (JONE)299,36013.541.7114.45
Nuverra Environmental Solutions (NES)856,0399.281.1714.43
Cvent (CVT)972,03227.253.3914.21
Container Store Group (TCS)735,76421.932.7014.04
Fair Isaac (FICO)941,27470.348.5913.91
Resolute Energy (REN)1,030,8103.610.4213.17
Kinross Gold (KGC)21,204,8362.500.2913.12
Frank's International (FI)1,808,39119.322.2112.92
AVG Technologies (AVG)1,125,79019.772.1512.20
Cameco (CCJ)4,659,08418.752.0212.07
Magnum Hunter Resources (MHR)11,060,5634.690.5011.93
Halcon Resources (HK)6,777,5183.240.3411.72
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Sears Holdings (SHLD)11,734,510$42.8110.1431.04
Freshpet (FRPT)9,926,28719.114.1127.40
Approach Resources (AREX)2,534,24210.731.8821.24
Applied Genetic Technologies (AGTC)78,33626.204.5220.85
Silver Standard Resources (SSRI)3,513,8005.200.8820.37
Coherus BioSciences (CHRS)553,05815.102.4919.75
Varonis Systems (VRNS)300,03021.953.1516.76
Progenics Pharmaceuticals (PGNX)3,052,1045.370.7616.49
Atara Biotherapeutics (ATRA)65,88728.753.9515.93
American Public Education (APEI)463,39235.244.7715.65
Solazyme (SZYM)8,049,9123.630.4915.61
Five9 (FIVN)951,0305.080.6314.16
DexCom (DXCM)2,398,94050.936.3014.12
Innocoll ADS (INNL)6,1007.720.9213.53
Interval Leisure Group (IILG)539,50623.812.8313.49
Energy XXI (Bermuda) (EXXI)9,449,0127.300.8513.18
Rockwell Medical (RMTI)3,454,96810.551.2213.08
Tonix Pharmaceuticals Holding (TNXP)170,6817.640.8412.35
Regulus Therapeutics (RGLS)1,387,93922.082.4212.31
PMFG (PMFG)81,4725.990.6411.96
Dicerna Pharmaceuticals (DRNA)243,5189.110.9711.92
Marrone Bio Innovations (MBII)187,9482.850.2911.33
Novatel Wireless (MIFI)372,9253.440.3511.33
Xenon Pharmaceuticals (XENE)125,81713.291.3211.03
Upland Software (UPLD)369,65610.811.0610.87
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG)32,416,973$4.340.9427.65
Direxion Daily Gold Miners Bull 3x Shares (NUGT)25,552,51813.402.6024.07
Direxion Daily Natural Gas Related Bull 3x Shares (GASL)990,52114.021.9816.45
Global X Uranium ETF (URA)948,08013.091.5413.33
Market Vectors Junior Gold Minets ETF (GDXJ)33,667,18026.042.6511.33
Global X Gold Explorers ETF (GLDX)61,61710.241.0311.18
Market Vectors Gold Miners ETF (GDX)111,854,16618.641.438.31
PureFunds ISE Junior Silver (Small Cap Miners/Explorers) ETF (SILJ)15,1468.230.618.01
Global X Silver Miners ETF (SIL)360,4479.180.677.87
Sprott Gold Miners ETF (SGDM)230,77117.721.277.72
Direxion Daily Gold Bull 3X Shares (BAR)4,73627.301.857.27
iShares MSCI Global Gold Miners ETF (RING)527,2437.560.486.73
iShares MSCI Global Silver Miners ETF (SLVP)22,3818.850.556.63
First Trust ISE-Revere Natural Gas Index Fund (FCG)980,22415.600.865.83
ProSharesUltraGold (UGL)96,64338.112.025.60
PowerShares DB Gold Double Long ETN (DGP)118,67923.211.235.60
Global X Junior Miners ETF (JUNR)14,58411.840.615.42
SPDR S&P Metals&Mining ETF (XME)3,782,44836.131.584.57
Direxion Daily Brazil Bull 3X Shares (BRZU)218,36512.780.544.41
UBS AG-2xMonthly Leveraged Long E-TRACS for Alerian MLP Infrastructure Index 2040 (MLPL)53,30667.462.694.15
SPDR S&P Oil&Gas Exploration&Production ETF (XOP)8,934,54161.712.464.15
iPath Global Carbon ETN (GRN)12,3718.300.313.93
ProSharesUltraSilver (AGQ)320,21038.971.413.75
Guggenheim Canadian Energy Income ETF (ENY)5,68813.710.463.47
Direxion Daily Energy Bull 3x Shares (ERX)1,570,65484.822.813.43
 
Composite
ISSUEVOLUMEPRICECHG% CHG
Repros Therapeutics (RPRX)8,149,533$10.123.6756.90
ChannelAdvisor (ECOM)2,625,49317.855.6546.31
Sears Holdings (SHLD)11,734,51042.8110.1431.04
Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG)32,416,9734.340.9427.65
Freshpet (FRPT)9,926,28719.114.1127.40
Q2 Holdings (QTWO)986,63918.873.7724.97
Direxion Daily Gold Miners Bull 3x Shares (NUGT)25,552,51813.402.6024.07
Overland Storage (OVRL)107,2894.220.8023.39
Seventy Seven Energy (SSE)2,240,03612.872.4323.28
Approach Resources (AREX)2,534,24210.731.8821.24
Applied Genetic Technologies (AGTC)78,33626.204.5220.85
Silver Standard Resources (SSRI)3,513,8005.200.8820.37
Goodrich Petroleum (GDP)2,658,9728.981.5120.21
Coherus BioSciences (CHRS)553,05815.102.4919.75
Arch Coal (ACI)17,646,0752.860.4418.18
Primero Mining (PPP)1,344,3473.630.5517.86
Athens Bancshares (AFCB)20,78626.503.9917.73
Eaton Vance (EV)8,186,44243.906.3817.00
Uni-Pixel (UNXL)230,9435.310.7716.96
Varonis Systems (VRNS)300,03021.953.1516.76
Rio Alto Mining (RIOM)546,5332.400.3416.50
Progenics Pharmaceuticals (PGNX)3,052,1045.370.7616.49
Direxion Daily Natural Gas Related Bull 3x Shares (GASL)990,52114.021.9816.45
Walter Energy (WLT)8,708,5683.190.4516.42
Pretium Resources (PVG)785,7575.050.7016.09
 
See All Gainers
 
Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS with prior day close of $2 a share or higher, with volume of at least 2,000.
x - stock is trading ex-dividend
Source: WSJ Market Data Group