Frontier Financial Corporation Suspends Cash Dividend
December 19 2008 - 4:30PM
Marketwired
Frontier Financial Corporation (NASDAQ: FTBK), the financial
holding company for Frontier Bank, announced today that the
Corporation's Board of Directors voted to suspend the payment of
the quarterly cash dividend on the Corporation's common stock.
Chairman and Chief Executive Officer Patrick M. Fahey stated, "The
Board has determined that the suspension of the cash dividend at
this point in time is prudent to preserve capital in light of
current economic conditions." Mr. Fahey further stated that the
Corporation's Board of Directors intends to reevaluate the payment
of a quarterly dividend at the appropriate time. The Corporation
believes that this is the best course for the Corporation over the
long term. The Board and management are committed to successfully
managing credit risk and to maintaining adequate levels of capital
and liquidity in the current challenging economic environment.
Frontier is a Washington-based financial holding company
providing financial services through its commercial bank
subsidiary, Frontier Bank. Frontier offers a wide range of
financial services to businesses and individuals in its market
area, including investment and insurance products.
Information herein may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. A variety of factors could cause Frontier Financial
Corporation's actual results to differ from those expected at the
time of this release. Investors are encouraged to read the SEC
report of Frontier, particularly its Form 10-K for the Fiscal Year
Ended December 31, 2007, for meaningful cautionary language
discussion why actual results may vary from those anticipated by
management.
Contacts: Pat Fahey Chairman and CEO Frontier Financial
Corporation (425) 423-7250 John J. Dickson President Frontier Bank
(425) 514-0700 Michael J. Clementz President Frontier Financial
Corporation (425) 514-0717
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