Here’s a press release that just came in from the State Department of Financial Institutions:
The Washington Department of Financial Institutions (DFI) closed Frontier Bank today, citing inadequate capital and severe loan losses. Immediately following the closure, DFI named the Federal Deposit Insurance Corporation (FDIC) as receiver of Frontier Bank.
The FDIC immediately entered into a purchase and assumption agreement with Union Bank, NA headquartered in San Francisco. Union Bank will assume all deposits and certain assets of Frontier Bank, except certain brokered deposits, which will be paid out by the FDIC.
“Frontier Bank’s capital has been depleted by