Published November 2002

Frontier Bank joins the Fed

SCBJ Staff

Frontier Bank has become a part of the Federal Reserve System.

It’s a move bank officials believe will streamline the regulatory process, Frontier President and chief executive Robert Dickson said. “We just felt it would be more efficient to become a Fed member.”

Prior to the October move, Frontier Financial Corp. — the bank’s holding company — was regulated by the Fed. But Frontier Bank itself was under the authority of the Federal Deposit Insurance Corp. and the Washington Department of Financial Institutions’ Division of Banks.

The switch means Frontier will have just two regulatory agencies to deal with, Dickson said: the Fed and the state agency. That should make regulatory compliance less complex, he said.

Frontier will remain under state regulation because it holds a state charter. Accounts still will be protected by FDIC deposit insurance.

The move is a sign that Frontier is growing into a mid-size bank, Dickson said of the 39-branch organization.

Back to the top/November 2002 Main Menu