SOURCE: Frontier Financial Corporation

December 06, 2007 13:30 ET

Frontier Financial Corp. Ranked #1 in Nation

EVERETT, WA--(Marketwire - December 6, 2007) - Frontier Financial Corporation (NASDAQ: FTBK) (Frontier), parent company of Frontier Bank, was recently rated as the nation's #1 performer among the 150 largest financial institutions in the United States. Frontier achieved the top spot based on a scorecard ranking that focused on profitability, capital adequacy and asset quality identified in a report provided to Bank Director Magazine by Sandler O'Neill & Partners, L.P., a New York investment bank that specializes in bank stocks.

Bank Director Magazine developed their "Bank Performance Scorecard" with Sandler O'Neill, and uses publicly available data to perform calculations. The ranking gave profitability factors a full weighting, while capital adequacy and asset quality were given a half weighting. All performance ratios were measured as of June 30, 2007.

The purpose of the ranking is to identify banks that generate good profits without leveraging their balance sheets or taking excessive lending risks.

Frontier was included in the annual ranking for the first time as it emerged as one of the 150 largest institutions, after adding approximately $400 million in new loans since June 2006. Frontier's assets exceeded $3.5 billion at June 30, 2007.

"In order to have performed well over the past year, you've had to have had a very strong credit culture," stated Jackie Reeves, a managing director for Bell Rock Capital, LLC, a Paoli, Pennsylvania investment adviser. The top performers generally do an above-average job of controlling costs, as well.

John J. Dickson, President and CEO of Frontier Financial, stated: "I am extremely pleased with the selection of Frontier as the #1 top performing bank in the nation. It confirms the great leadership provided by our Board of Directors, along with the outstanding performance of our employees."

Frontier closed its merger with the Bank of Salem on November 30th, giving them three offices in Oregon. The recent announcement of the acquisition of Whidbey Island Bank, which is expected to close in March 2008, will result in Frontier operating over 64 offices throughout the Pacific Northwest.

About Frontier Financial Corporation

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. Frontier operates 48 offices in Clallam, Jefferson, King, Kitsap, Pierce, Skagit, Snohomish, Thurston and Whatcom counties in Washington State. In addition, Frontier operates 3 offices in Salem, Tigard and Portland in Oregon. More information can be found at

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 2006 Form 10-K.

Contact Information

  • John J. Dickson
    President and Chief Executive Officer
    Frontier Financial Corporation
    (425) 514-0700

    Lyle E. Ryan
    President and Chief Banking Officer
    Frontier Bank
    (425) 514-0700