Dividends
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Frontier Financial (FTBK) Suspends Qtr. Cash Dividend
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Frontier Financial Corporation (NASDAQ: FTBK) announced today that the Corporation's Board of Directors voted to suspend the payment of the quarterly cash dividend on the Corporation's common stock.
Chairman and CEO Patrick Fahey stated, "The Board has determined that the suspension of the cash dividend at this point in time is prudent to preserve capital in light of current economic conditions." Mr. Fahey further stated that the Corporation's Board of Directors intends to reevaluate the payment of a quarterly dividend at the appropriate time.
The Corporation believes that this is the best course for the Corporation over the long term. The Board and management are committed to successfully managing credit risk and to maintaining adequate levels of capital and liquidity in the current challenging economic environment.
Frontier Financial Corporation operates as the holding company for Frontier Bank that provides various commercial banking services.
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