| Frontier Financial Corporation recently announced the reinstatement of a stock repurchase program it announced in January of last year, and suspended in March.
When the Board initially announced the program, up to 5 percent of the outstanding shares were authorized for repurchase in the open market over the next two years.
The program was suspended due to the merger with Poulsbo’s Liberty Bay Financial Corporation, the parent company of the former North Sound Bank. The merger accounted for using the “pooling of interests” accounting method.
Under the program the Corporation will purchase shares from time to time in the open market, depending on market price and other considerations. Most of the shares will be retired, however, some will be used to meet obligations under the Corporation’s key employee stock option plan, and other purposes permitted by accounting rules.
Frontier operates 35 branches in Kitsap, King, Pierce, Clallam, Jefferson, Skagit, Snohomish and Whatcom Counties. |
