Washington State Bank Agrees Not To Pay Dividends Without Fed OK
July 07 2009 - 10:30AM
Dow Jones News
A Washington state lender has agreed not to take on debt or pay
dividends without Federal Reserve approval.
The Fed on Tuesday released its agreement with Frontier
Financial Corp. in Everett. The firm owns Frontier Bank.
Under the agreement, the company cannot declare or pay dividends
without written Fed approval. Also, it can't incur or guarantee
debt without clearance by the central bank.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com