Former Everett Frontier Bank Officials Sued by FDIC for $46 Million Dollars – The Seattle Times
The Seattle Times has the story of the FDIC suit against former Frontier Bank officials.
At one time, Frontier Bank was a small Everett based bank working with local business owners and residential customers. Over the years it became a leading lender in the real estate market stretching well beyond its local roots. The Everett based bank was founded in 1978 and was closed by regulators in 2010. Our news partner, The Seattle Times, has the story of a lawsuit filed on Friday against 12 people formerly involved with Frontier Bank. According to the accompanying documents, the FDIC is seeking more than 46 million dollars in damages
From The Seattle Times article…The 12 officers and directors named in the suit include Michael Clementz, CEO when Frontier failed; John Dickson, the bank’s CEO when the loans were made in 2007 and 2008; and Frontier founder Robert Dickson, who was chairman until December 2008.
According to the FDIC suit, the bank in 2003 “instituted an aggressive growth strategy centered on increased commercial real-estate lending.” Between 2005 and 2007 its total real-estate lending increased by 58 percent, to $3.2 billion.
You can click this link to see the entire story from The Seattle Times.