Talks Halted on Sale of Ventura Bank Subsidiary
Ventura County National Bancorp announced that negotiations for the sale of its Frontier Bank subsidiary to Peninsula National Bank have been halted because the companies could not agree on a price.
Frontier Bank, headquartered in La Palma, reported total assets of $96 million on June 30 and for the first six months of 1994 reported net income of $434,000.
Ventura County National Bancorp, which is also the parent of Ventura County National Bank, has been plagued by bad loans and is under the gun by federal regulators to raise certain ratios that measure equity as a percentage of risk-based assets.
Failure to meet the federal requirements by Sept. 30 could lead to sanctions, possibly including removal of personnel, against the Oxnard-based bank.