“Stock in Frontier Bank, which has a branch at 130 Marvin Road S.E. in Lacey, fell to a 52-week low Wednesday [March 31] on news this week that President John Dickson has abruptly resigned…
Neither Dickson nor Frontier Chairman and CEO Patrick Fahey commented on the change in leadership…
Frontier announced last week that its holding company, Frontier Financial Corp., had received a Supervisory Prompt Corrective Action Directive on March 16 from its regulator, the Federal Deposit Insurance Corp.
With a deadline of 30 days or by April 15 the order demanded that the bank must either recapitalize by the sale of shares or obligations so that the bank will be adequately recapitalized, or accept an offer to be acquired by another institution. The order also repeated other restrictions previously imposed,” quoting The Olympian.
As reported last Fall,
“Thurston Highlands, one of the largest proposed mixed-use developments in the state, has emerged as the biggest example of how the economic crisis has had a corrosive effect on development.
Through its trustee, the projects primary lender, Frontier Bank, has started foreclosure proceedings on the 1,250-acre property after saying a loan was in default. The trustee is scheduled to auction the property to the highest bidder on the Thurston County Courthouse steps June 5, ” quoting The Olympian on May 15, 2009.
On March 18, 2010, “a judge heard arguments in a bankruptcy case involving the owners of Thurston Highlands, a 1,250-acre property in Yelm.”
CLICK HERE to read The Olympian’s report on the March 18th bankruptcy hearing.
Now, another Washington State bank with Yelm connections is making national news [Venture Bank failed last September, the 92nd in 2009 in the USA, its assets & deposits seized by the FDIC and given to a North Carolina Bank, and parent Venture Financial Group was declared a total loss to stockholders, as reported here.]
THESE BANKS ARE MOSTLY RESPONSIBLE FOR THE REAL ESTATE MESS WE HAVE HERE. THE GREED OF THESE BANKERS IN LOANING THIS KIND OF MONEY TO THESE DEVELOPERS WITH LITTLE COLLATERAL AND THROWING ALL PRACTICAL & REASONABLE BANKING PRACTICES TO THE WIND IS UNCONSCIONABLE.
A ‘PERFECT STORM’ WAS CREATED HERE IN YELM BY THESE CAVALIER BANKING PRACTICES COUPLED WITH DEVELOPER’S PASISONS AND A YELM CITY HALL DROOLING AND TRIPPING ALL OVER THEMSELVES WITH THEIR MANTRA TO PROMOTE GROWTH TO DEVELOP REVENUES, WITH LITTLE CARE OF THE OUTCOME OF THEIR DECISIONS.
AND ANYONE WHO DARED TO SHINE THE LIGHT ON THIS CITY’S RIDICULOUS & UNEDUCATED ACTIONS WERE DENOUNCED AS ANTI-GROWTH & JUST CAUSING CHAOS.
THEY WERE WARNED WHAT WOULD HAPPEN WHEN THE MUSIC STOPPED!
ALL IS NOW COMING HOME TO ROOST!