Financial Services
More Upheaval at Frontier Bank
By Seattle Business Magazine March 31, 2010
John Dickson, the president of troubled Frontier Bank in Everett, has resigned suddenly. Dickson, 49, is the son of the bank’s founder Bob Dickson, and until 2008 was also the CEO of the bank’s holding company, Frontier Financial Corp. That’s when Pat Fahey, a well-seasoned banking executive with a long tenure in Washington state and rescuing ailing institutions, was brought in to help revive the bank’s fortunes.
The turnaround does not appear to have worked out very well so far. It recently restated its 2009 financial results (and not for the better), reporting a larger-than-previously reported loss of $295.1 million for the year.
We covered Pat Fahey’s mandate at Frontier in the July 2009 issue of Seattle Business. The Seattle Times has a longer story on Dickson’s resignation here.
Frontier Financial’s stock was down nearly 5 percent in mid-day trading.