Management of Frontier Financial Corporation (NASDAQ: FTBK) ("Frontier") recently learned of rumors on the Internet on April 26, 2010, that an investment group called Infinite Freedom Foundation was in the process of making a bid for Frontier. Frontier's president and chief executive officer, Patrick M. Fahey, said that while normally he would not as a matter of company policy comment on rumors, given the recent speculation on the Internet and elsewhere, he advises that to the company's knowledge there is no basis for the rumor.
Frontier Financial Corporation is a Washington-based financial holding company, providing financial services through its commercial bank subsidiary, Frontier Bank, since 1978. Frontier Bank offers a wide range of banking and financial services to businesses and individuals in its market area, including trust, cash management, and investment and insurance products. Frontier operates 47 offices in Clallam, Jefferson, King, Kitsap, Pierce, Skagit, Snohomish, Thurston, Whatcom counties in Washington and 3 offices in Oregon. Additional information regarding Frontier Bank and its services can be found at the bank's website: www.frontierbank.com.
This press release includes forward-looking statements and Frontier Financial Corporation intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements describe Frontier Financial Corporation's expectations regarding future events. Future events are difficult to predict and are subject to risk and uncertainty which could cause actual results to differ materially and adversely. Additional information regarding risks and uncertainties is included in Frontier Financial Corporation's periodic filings on Forms 10-K and 10-Q with the Securities and Exchange Commission. Frontier Financial Corporation undertakes no obligation to revise or amend any forward-looking statements to reflect subsequent events or circumstances.
Patrick M. Fahey Chairman and CEO Frontier Financial Corporation 425-514-0700 Carol E. Wheeler CFO Frontier Financial Corporation 425-514-0700
More:FloridaIndonesiaTokyoCasey JamesGang StarrCeltics Soros Fund Management and Open Society Institute Asked for $250 Million to Fund Acquisitions and Launch Zero Interest Mortgage Products Nationally! All Bankers Ships Float Higher With a Rising Tide
The banking sector in Washington State is on fire!
Banner Corporation Bank Stock has more than doubled and Frontier Financial Corporation Bank stock has more than tripled since March 4th, 2010 when Alex S. Gabor and Associates, Investment Bankers with offices being set up in New York, Seattle and Budapest, were hired by the Infinite Freedom Foundation of King County to manage its' future investment portfolio.
Gabor and his Associates have been hired to underwrite about $20 Billion in business which includes book running more than ten billion in zero interest mortgages and acquiring eight banks in Washington State!
"These 8 banks will have an exclusive license to make a market in zero interest mortgage paper underwritten by the Infinite Freedom Foundation in a proposed joint venture with the Open Society Institute of New York, founded by world famous financier George Soros, my blood relative," said Gabor Sandor Acs, the Hungarian born Director of the Foundations worldwide!
Recently six separate law firms have filed lawsuits against Frontier Financial Corp. and several of its executives, alleging that the bank violated Securities and Exchange Commission rules by "issuing materially false and misleading statements."
Frontier Bank has close to a billion dollars worth of non-performing loans as reported in its most recent annual report as filed with the Securities and Exchange Commission.
But on Monday, April 26th, Frontier Financial Corp stock soared on the news that the Infinite Freedom Foundation was in the process of making a bid for the entire company for $8.88 per share in a simultaneous bid for Banner Corporation and Crystal River Capital of New York!
It seems to me that this is not the first time that Gabor S. Acs, aka Alex S. Gabor, aka The PennyKing, has done something like this. '03-04 the SEC was on him, with a big fine about something that sounds a lot like this in NV.
I find it hard to believe that George Soros is involved, but...who knows.