Frontier Finl Corp Wash (MM) (NASDAQ:FTBK)
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Frontier Financial Corporation (Nasdaq:FTBK) Board of
Directors today declared a 3-for-2 stock split to shareowners of
record as of September 12, 2006, and payable September 26, 2006.
Shareowners of record September 12, 2006 will receive one additional
share for every two shares they own. This is equivalent to a 50% stock
dividend. Shareowners entitled to receive a fractional share (.5
shares) as a result of the split will receive cash based upon the
average high/low market price on the record date.
This marks the eighth time that Frontier has had a stock split
since opening in 1978. Bob Dickson, Chairman of Frontier Financial
Corporation said, "Our shareowners will directly benefit from
Frontier's excellent growth in assets and earnings that has produced
our strong capital position. As a result of these eight stock splits
and our 17 stock dividends paid since inception, an original
shareowner in 1978 of 100 shares, that did not sell any shares, will
own 113,040 shares on September 26, 2006."
The Board of Directors also declared a $.15 (restated due to the
3-for-2 stock split above) per share fourth quarter cash dividend to
shareowners of record as of October 10, 2006, and payable October 24,
2006 after the 3-for-2 stock split.
"This represents an increase of 36.4% over the fourth quarter of
2005, a 25% increase over the cash dividend of $.12 per share to
shareowners in the third quarter 2006, and is the 28th consecutive
quarter in which the cash dividend has increased," said John Dickson,
President and CEO.
Other action taken by the Board of Directors was the approval of a
stock repurchase program authorizing Frontier to repurchase up to 5%
of its outstanding stock over the next two years. The remaining number
of shares yet to be purchased under the previous program, due to
expire September 2006 totaling 1,398,405, would not be included.
Frontier currently has 30,177,635 shares outstanding, and has not
repurchased any shares under the current plan. The number of shares
available for purchase will also be adjusted for the announced 3-for-2
split.
Under the repurchase program, which is effective immediately, the
Corporation may purchase shares from time to time in the open market,
depending on market price and other considerations.
Frontier is a Washington-based financial holding company providing
financial services through its commercial bank subsidiary, Frontier
Bank. Frontier offers a wide range of financial services to businesses
and individuals in its market area, including investment and insurance
products.
CERTAIN FORWARD-LOOKING INFORMATION -- This press release contains
certain "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 ("PSLRA"). This statement is
included for the express purpose of availing Frontier of the
protections of the safe harbor provisions of the PSLRA. The
forward-looking statements contained herein are subject to factors,
risks and uncertainties that may cause actual results to differ
materially from those projected. The following items are among the
factors that could cause actual results to differ materially from the
forward-looking statements: general economic conditions, including
their impact on capital expenditures; business conditions in the
banking industry; recent world events and their impact on interest
rates, businesses and customers; the regulatory environment; new
legislation; vendor quality and efficiency; employee retention
factors; rapidly changing technology and evolving banking industry
standards; competitive standards; competitive factors, including
increased competition with community, regional and national financial
institutions; fluctuating interest rate environments; higher than
expected loan delinquencies; and similar matters. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect management's analysis only at the date of
this release. Frontier undertakes no obligation to publicly revise or
update these forward-looking statements to reflect events or
circumstances that arise after the date of this release. Readers
should carefully review the risk factors described in this and other
documents Frontier files from time to time with the Securities and
Exchange Commission, including Frontier's 2005 Form 10-K.