Frontier Financial, Washington Banking reach settlement over terminated merger

By Lisa Kerner

Charlotte, N.C., Nov. 26 - Frontier Financial Corp. and Washington Banking Co. reached a settlement and mutually released their claims against one another related to the termination of their Sept. 26, 2007 merger agreement.

While the terms of the settlement were not disclosed, neither Frontier Financial nor Washington Banking was required to make a payment, according to a joint company news release.

In June, Washington Banking said it was terminating the companies' merger agreement in the belief that required regulatory approvals could not be obtained by June 30.

As previously reported, the merger agreement allowed either company to terminate the agreement if the merger was not completed by June 30. Each company claimed the other was in breach of the agreement and sought a $5 million termination fee.

Frontier Financial is an Everett, Wash., financial holding company.

Washington Banking, located in Oak Harbor, Wash., is the holding company for Whidbey Island Bank.

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