Frontier Bank Prez Out this Morning


Everett-based Frontier Bank’s president is out this morning, according to the Puget Sound Business Journal:

A few of you have contacted me with questions whether the bank with several Kitsap locations will close.

If it happens, it happens. The bank now is under a 30-day raise- capital-or-merge order from regulators. Sometimes capital is raised, no easy feat today. So we’ll see how Frontier does.

Fortune Bank of Seattle is vowing to raise $450 million.

In the case of Bainbridge Island-based American Marine Bay, the 30-day order similar to Frontier’s expired, then there was a period of weeks before regulators shut it down.

I believe much of that timing has to do with the availability of busy FDIC staff. Dozens have to be brought into a locale when a bank closes.

Stay tuned.

Rachel Pritchett, 475-3783

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