| Frontier Financial Corporation, the holding company which owns Everett-based Frontier Bank, recently announced the adoption of a stock repurchase program authorizing Frontier to repurchase up to 5 percent of it’s outstanding stock over the next two years.
Frontier Bank has 38 offices, including branches in Silverdale, Poulsbo and Bainbridge Island.
In addition, the remaining number of shares yet to be purchased under a previous program, 126,151 shares, would not be included. Frontier currently has 19,794,852 shares outstanding, and has bought back 864,100 shares over a two year period.
Under the program, already in operation, 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. |
