LYCOS RETRIEVER 
Washington Banking
built 218 days ago
Frontier and Washington Banking will host a conference call for investors, analysts and other interested parties on Thursday, September27, 2007, at 11:00a.m. PDT (2:00 p.m. EDT). The conference call will be hosted by John Dickson, President and CEO of Frontier, and Michal Cann, President and CEO of Washington Banking. Investors, analysts and other interested parties may access the teleconference at (303)262-2137. Shortly after the call concludes, the replay will ... be available at (303)590-3000 using access code 11098229#, where it will be archived for one month. A webcast of the call can be accessed at www.frontierbank.com or www.wibank.com.
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Washington Banking Co. reported earnings results for the fourth quarter and full year ended December 31, 2007. For the quarter, the company reported net income of $1,851,000, or $0.19 per share, net interest income of $9,478,000, total interest income of $16,028,000 against net income of $1,811,000, or $0.19 per share, net interest income of $9,181,000, total interest income of $14,775,000 for the same period last year. The company reported adjusted diluted EPS of $0.23 against adjusted diluted EPS of $0.19 for the same period last year. Solid loan and deposit growth and strong asset quality contributed to profitability in the fourth quarter of 2007. For the year, the company reported net income of $9,398,000, or $0.99 per share, net interest income of $37,558,000, total interest income of $62,368,000 against net income of $9,491,000, or $1.00 per share, net interest income of $36,744,000, total interest income of $55,185,000 for the same period last year. The company reported adjusted diluted EPS of $1.03 against adjusted diluted EPS of $1.00 for the same period last year.
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Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through fourteen banking offices in Oregon and Washington. Pacific Continental Bank is unique among Pacific Northwest community banks with offices in three of the northwest region's largest metropolitan areas including Seattle, Portland, and Eugene, establishing one of the most attractive metropolitan branch networks in the region. Pacific Continental Bank targets the banking needs of community-based businesses, professional service providers, and nonprofit organizations; and provides private banking services for business owners and executives. Pacific Continental Corporation has rewarded its shareholders with cash dividends for twenty-two consecutive years.
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Based on the closing price of Frontier’s shares of $23.90 on September 26, 2007, the terms of the agreement call for Frontier to pay approximately $21.40 per Washington Banking share. The range of potential per share consideration is $19.41 to $23.54 based on the price of Frontier’s shares prior to closing. The consideration will be paid in stock and cash, and prior to the deal close, Washington Banking shareholders will be asked to elect a preference for the form of payment they wish to receive which will be equalized based on the agreement terms.
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Leading Issaquah Community Bank is CEO and President, Robert Ittes, a 30-year veteran of Washington banking. Ittes has extensive experience, including the founding of a former bank in Issaquah, which was acquired more than 3 years ago. A graduate of La Verne College in California with a bachelors in business management and a MBA from Seattle University, Ittes is a board member of the Issaquah Historical Society and was awarded the Issaquah Business Person of the Year Award in 2002.
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Description: Chevy Chase is the largest bank based in the Washington area, with 251 branches, including 54 in Giant Food stores. It has nearly 1,000 ATMs in the region, more than any other bank. It operates in Maryland, Delaware, Virginia and the District. Chevy Chase is controlled by real estate developer B. Francis Saul II and his corporate entities, which are largely in real estate.
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