- Current report filing (8-K)
29 September 2009 - 7:18AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of
The
Securities Exchange Act of 1934
Date
of Report:
September
23, 2009
Frontier
Financial Corporation
(Exact
name of registrant as specified in its charter)
|
Washington
(State
of incorporation or organization)
|
000-15540
(Commission
File Number)
|
91-1223535
(I.R.S.
Employer Identification No.)
|
332
S.W. Everett Mall Way
P.O.
Box 2215
Everett,
Washington
(Address
of principal executive offices)
|
98204
(Zip
Code)
|
Registrant’s
telephone number, including area code:
(425)
514-0700
|
|
(Former
name or former address, if changed since last report)
|
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
2.06 Material Impairments.
On
September 23, 2009, Frontier Financial Corporation (“Frontier”) determined that,
based on management’s internal review, it expects to record an additional
provision for loan losses of $140.0 million and loan charge-offs of $100.00
million in the third quarter of 2009. These adjustments were included in the pro
forma financial information included in the Joint Proxy Statement/Prospectus for
Frontier’s proposed merger with SP Acquisition Holdings, Inc. (SPAH), which was
mailed to Frontier’s shareholders on or about September 24, 2009. In addition,
the unaudited pro forma condensed financial information in the Joint Proxy
Statement/Prospectus is presented based on the acquisition method of accounting
under SFAS 141(R), which SPAH has adopted. As required under the acquisition
method of accounting, the assets and liabilities of Frontier acquired by SPAH in
the merger, including Frontier’s loan portfolio, are recorded as of the
completion of the merger, primarily at their respective fair values, and
financial statements and reported results of operations of SPAH issued after
completion of the merger will reflect these values. Based on preliminary
estimates, which will be finalized as of the acquisition date, the fair value of
Frontier’s loan portfolio as of June 30, 2009, will be reduced by a total net
adjustment of $201.3 million as of the acquisition date, which takes into
account the additional $140.0 million provision for loan losses and $100.0
million of loan charge-offs being recorded by Frontier in the third quarter of
2009.
CAUTION
ABOUT FORWARD-LOOKING STATEMENTS
This
report contains “forward-looking statements” that are subject to risks and
uncertainties. These forward-looking statements describe management’s
expectations regarding future events and developments such as the fair market
value of Frontier’s investment portfolio. Readers should not place undue
reliance on forward-looking statements, which reflect management’s views only as
of the date hereof. The words “should,” “anticipate,” “expect,” “will,”
“believe,” and words of similar meaning are intended, in part, to help identify
forward-looking statements. Future events are difficult to predict, and the
expectations described above are subject to risks and uncertainties that may
cause actual results to differ materially. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or
expected. In addition to discussions about risks and uncertainties set forth
from time to time in the Company’s filings with the Securities and Exchange
Commission, factors that may cause actual results to differ materially from
those contemplated in these forward-looking statements include, among others:
(1) the extent and duration of continued economic and market disruptions and
governmental actions to address these disruptions; (2) the risk of new and
changing legislation, regulation and/or regulatory actions; (3) pending
litigation; (4) local and national general and economic conditions; (5) changes
in interest rates; (6) reductions in loan demand or deposit levels; and (7)
changes in loan collectibility, collateral values, defaults and charge-off
rates. Frontier Financial Corporation does not undertake to update
forward-looking statements to reflect circumstances or events that occur after
the date the forward-looking statements were made. Any such statements are made
in reliance on the safe harbor protections provided under the Securities
Exchange Act of 1934, as amended.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
|
FRONTIER
FINANCIAL CORPORATION
|
|
(Registrant)
|
|
|
|
|
(Date)
|
Patrick
M. Fahey
Chief
Executive Officer
|
N:clients2379717Form8-K.092809.v3.doc
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