Frontier Financial (FTBK) of Everett said today that it sold 782,506 shares of Washington Banking (WBCO) between Dec. 12 and Dec. 19, for a pretax gain of $2.4 million.
Frontier Financial of Everett said today that it sold 782,506 shares of Washington Banking between Dec. 12 and Dec. 19, for a pretax gain of $2.4 million.
Frontier had proposed in September 2007 to buy Oak Harbor-based Washington Banking for $191.1 million, but the deal was terminated by Washington Banking in June. Washington Banking said Frontier hadn’t been able to obtain regulatory approval in a timely fashion.
Frontier’s shares rose 22 cents, or 6 percent, to $4 today. The stock had risen above $4 on Friday when Frontier said it would suspend payment of its quarterly cash dividend to preserve capital.
Frontier is still waiting to hear whether it will receive money from the U.S. Treasury’s Troubled Asset Relief Program, part of Congress’ $700 billion economic bailout package. In November, stock traders became so alarmed about the prospect of Frontier’s application being rejected that they sent shares plummeting.
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Earlier this month, Chairman Bob Dickson announced he will retire from the board Dec. 31, citing a desire to devote more time to his family. Director Pat Fahey — who joined the board in 2006 after stints at Wells Fargo and Pacific Northwest Bank, where he was CEO — will replace Dickson, 75, as chairman of Frontier Financial and Frontier Bank.
Fahey, 66, will become CEO of Frontier Financial, replacing John Dickson (Bob Dickson’s son), who moves to president of Frontier Bank.
Information from Seattle Times archives is included in this report.
Melissa Allison: 206-464-3312 and firstname.lastname@example.org