SOURCE: Frontier Financial Corporation

October 24, 2005 16:00 ET

Frontier Financial Corporation (FTBK) Announces Six Wells Fargo/Pacific Northwest Bank Officers Join Frontier Bank

EVERETT, WA -- (MARKET WIRE) -- October 24, 2005 -- A team of six long-time Bellevue bankers has joined Frontier Bank (NASDAQ: FTBK). All were most recently with Wells Fargo Bank, and previously were with Pacific Northwest Bank. Wells acquired PNWB two years ago.

The six, along with additional support staff, will open a new office for Frontier Bank in the central Bellevue business district. They will be temporarily located at Frontier Bank's Kirkland Office until a permanent site is established in Bellevue.

Milton Douglas will head the team as Senior Vice President and Manager. His banking career spans over 35 years, and the majority of that time was spent serving the Bellevue and Eastside communities. He was formerly with Pacific Northwest Bank as Senior Vice President and Manager of the Bellevue Lending Team, until Wells Fargo Bank acquired that bank. He then continued as Senior Vice President and Manager of East King County Business Banking.

Douglas serves on the Board of Directors for the Eastside YMCA, the Bellevue Family YMCA, the Bellevue Schools Foundation, and Bicycle Alliance of Washington. He is a member of the Bellevue Rotary Club.

Joining Milt Douglas at Frontier Bank are: Donald Charles ("Chuck") Brockway, Jr., Ronald R. Jackman, Cheryl A. Gunderson, and Alan L. Parsons and Theresa Sykes.

Brockway, Vice President and Commercial Loan Officer, has over 30 years of banking and lending experience, and was formerly employed by Wells Fargo and Pacific Northwest Bank where he was a Senior Relationship Manager. He is a graduate of the Pacific Coast Banking School.

Ron Jackman began his banking career at First Interstate Bank in 1973, and was most recently employed by Wells Fargo in Bellevue, formerly Pacific Northwest Bank. He has an extensive background in corporate finance and administration, and has spent eleven years in commercial bank lending, credit review and analysis. He will serve as Vice President and Commercial Loan Officer at Frontier Bank.

Cheryl Gunderson has worked in the banking industry since 1973 when Seattle First National Bank employed her. She most recently was with Pacific Northwest Bank/Wells Fargo Bank in Bellevue as Vice President and Commercial Lender. She is a graduate of Seattle University and has taken extensive banking and credit courses throughout her career. She will serve as Vice President and Commercial Loan Officer at Frontier's Bellevue Office.

Alan Parsons, Vice President and Commercial Loan Officer, has over 26 years of bank experience, beginning his career in financial and operational auditing. He has been a commercial lender for over ten years, and most recently was employed by Wells Fargo Bank in Bellevue, formerly Pacific Northwest Bank.

Theresa Sykes will serve as a Commercial Loan Officer with Frontier Bank. She was previously with Wells Fargo in Bellevue and has over 25 years in banking.

Lyle E. Ryan, President and Chief Operating Officer at Frontier Bank, stated: "We are extremely pleased with the caliber that this team of highly respected bankers brings to Frontier Bank. They will provide a wealth of knowledge and expertise to our bank. All are looking forward to becoming involved in a community bank environment and to, once again, practice the type of true relationship banking that has permeated Frontier Bank for the past 27 years. They are looking forward to serving the needs of their customers."

Frontier bank is headquartered in Everett, and has 41 offices throughout Western Washington in Clallam, Jefferson, King, Kitsap, Pierce, Skagit, Snohomish, and Whatcom Counties.

John J. Dickson is the Chief Executive Officer of Frontier Bank. Lyle E. Ryan is the bank's President and Chief Operating Officer.

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, business 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 2004 Form 10-K.

Contact Information

  • FRONTIER FINANCIAL CORPORATION
    332 SW Everett Mall Way
    Everett, WA 98204

    Michael J. Clementz
    Frontier Financial Corporation
    President & CEO
    360-598-8033

    John J. Dickson
    Frontier Bank
    CEO
    425-514-0700

    Lyle Ryan
    Frontier Bank
    President & COO
    425-514-0700