The Board of Directors of Frontier Financial Corporation (Nasdaq: FTBK) headquartered in Everett., announced adoption of a third stock repurchase program authorizing Frontier to repurchase an additional 5 percent of its outstanding stock over the next two years.

Frontier currently has 18,863,129 shares outstanding.

Under the repurchase program, effective immediately, 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 some other purposes permitted by accounting rules.

“The board remains convinced that the stock price is undervalued at this time and does not reflect the operating performance of Frontier,” said Bob Dickson, president & CEO. “We continue to have an abundance of capital, and think Frontier stock is a great buy at current prices.”.