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FRONTIER FINANCIAL CORPORATION Contact:
332 SW Everett Mall Way Robert J. Dickson
Everett, WA 98204 President & CEO
(425) 514-0700
NEWS RELEASE
For Release July 21, 2000, Immediate Release
FRONTIER FINANCIAL CORPORATION
ANNOUNCES CONSUMMATION OF MERGER WITH
LIBERTY BAY FINANCIAL CORPORATION
EVERETT, WASHINGTON - July 21, 2000 - Frontier Financial Corporation
(NASDAQ:FTBK), announced today that the merger with Liberty Bay Financial
Corporation has been completed. Liberty Bay will be merged into Frontier
Financial Corporation and North Sound Bank, the subsidiary of Liberty Bay will
be merged into Frontier Bank.
The transaction, using pooling of interests accounting has a total value
of $40 million based on the market price of Frontier stock at closing. North
Sound Bank, headquartered in Poulsbo, Washington has eight banking offices with
total assets of $180 million; loans of $145 million and deposits of $160
million.
Michael Clementz, Chairman & CEO of Liberty Bay, will become a Director
of Frontier and also serve on the management team as Executive Vice President.
Robert Robinson, President of Liberty Bay, will become Senior Vice President of
Frontier with responsibility over the eight offices being acquired.
Bob Dickson, President & CEO of Frontier stated, "Although the merger
was completed today, the North Sound Bank offices will continue to operate under
that name until September 15, 2000, when the signs will be changed to reflect
the Frontier name. Although the name will change, North Sound customers will
continue to be served by the same staff".
Frontier Financial Corporation, headquartered in Everett, Washington, is
the parent of Frontier Bank and now has total assets of almost $1.6 billion,
with 525 employees located in 34 offices in eight counties of Western
Washington.
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Information herein contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, which can be identified by
words such as "may", "expected", "anticipate", "estimate", "continue" or
comparable words. In addition, all statements other than statements of
historical facts that address activities that Frontier expects or anticipates
will or may occur in the future are forward-looking statements. Readers are
encouraged to read the SEC reports of Frontier particularly its Form 10-K for
the Fiscal Year Ended December 31, 1999, for meaningful cautionary language
discussing why actual results may vary materially from those anticipated by
management.
