Friday, November 07, 2014

Bank Failure #17 in 2014: El Paseo Bank, Palm Desert, California

by Bill McBride on 11/07/2014 08:15:00 PM

From the FDIC: 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

As of June 30, 2014, Frontier Bank, FSB had approximately $86.4 million in total assets and $82.1 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.7 million. ... 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.
It feels like a Friday!