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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.


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

November 7, 2014
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
Cell: 571-215-6027
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.

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WSJ | Biggest Gainers Closing on November 7, 2014.

Biggest Gainers Closing
Biggest Gainers
4:46 pm ET 11/07/2014
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
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
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
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
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