By Amy Rolph Herald Writer
EVERETT — John Dickson, a longtime executive at Frontier Financial Corp., will no longer serve as president of the troubled bank.
Dickson, 49, quietly left the Everett-based institution Monday. The conditions surrounding his departure remain unclear.
“I’m declining to comment at this point,” Frontier CEO Pat Fahey said Tuesday. He said the bank was still preparing an official announcement of Dickson’s departure.
Bank officials were also working to determine if the former president will serve on Frontier’s board of directors, Fahey said.
He would not comment on the reason for Dickson’s departure, citing the bank’s human resources policies.
Dickson’s father, Bob Dickson, founded the bank in 1978. John Dickson started working at Frontier in 1985, according to the management biography that was still posted on Frontier Bank’s Web site Tuesday.
Dickson served as CEO of Frontier from 2003 until 2008, when Fahey came out of retirement to head the recession-stricken institution.
After Fahey took over Frontier’s parent company, Dickson managed day-to-day operations at the bank. He gave regular updates on the bank’s performance at public meetings and was involved in restructuring Frontier after regulators demanded the bank shift its focus from real-estate lending.
But hard times kept coming for Frontier. Earlier this month, federal regulators labeled Frontier as critically undercapitalized, giving the bank an April 15 deadline to raise capital.
If that doesn’t happen, there could be a forced sale.
The bank is appealing the federal order, Fahey said earlier this month. He believes Frontier’s 2009 losses were lower than what Federal Deposit Insurance Corp. regulators assessed in a review earlier this year.
Frontier’s stock price dropped 5.38 percent in trading Tuesday, ending the day at $2.11.
Also on Tuesday, Frontier officials filed a notice with the FDIC saying the bank is changing rules that state the annual shareholders meeting must take place within 120 days of the fiscal year’s end. With the new changes, the meeting can take place anytime in the calendar year following the end of the fiscal year.
Read Amy Rolph’s small-business blog at www.heraldnet.com/TheStorefront. Contact her at 425-339-3029 or email@example.com.