Business

Frontier Bank executive quits, stock slides

Stock in Frontier Bank, which has a branch at 130 Marvin Road S.E. in Lacey, fell to a 52-week low Wednesday on news this week that President John Dickson has abruptly resigned.

At the market’s close, the stock was trading at $1.95, down 16 cents.

Neither Dickson nor Frontier Chairman and CEO Patrick Fahey commented on the change in leadership.

Frontier’s board last week reported to the Security and Exchange Commission that it had decided to change the date of its annual meeting. Previously, Frontier shareholders would meet within 120 days of the end of the bank’s fiscal year.

Now, the meeting can be held anytime within a year of the end of the fiscal year.

Frontier announced last week that its holding company, Frontier Financial Corp., had received a “Supervisory Prompt Corrective Action Directive” on March 16 from its regulator, the Federal Deposit Insurance Corp.

With a deadline of 30 days – or by April 15 – the order demanded that the bank “must either recapitalize by the sale of shares or obligations so that the bank will be adequately recapitalized, or accept an offer to be acquired by another institution.” The order also repeated other restrictions previously imposed.

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