State shuts down Frontier Bank of Everett
After a rocky ride in recent months, the end has come for Frontier Bank.
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The Everett-based bank was shut down by the state Department of Financial Institutions after the close of business on Friday. DFI stated that the lack of capital and severe loan losses were the causes of the bank’s failure.
Following the normal protocol, DFI turned over the bank to the FDIC. They promptly sold the bank’s assets to San Francisco-based Union Bank. It will be under the Union Bank banner that all of Frontier’s branches will open under on Monday. Frontier’s customers can bank as normal through the weekend.
Frontier was in serious financial problems for a while. The FDIC gave the bank an ultimatum in March to get more capital or be shut down. Frontier’s president, John Dickson, left soon after in a dispute with CEO Pat Fahey over a planned vacation.
Frontier Bank had 41 branches across Western Washington and in Oregon. Union Bank had just three offices in the Puget Sound region before acquiring Frontier. They are in downtown Seattle, Bellevue and Tacoma.
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