Stocks rise at banks based in Everett, Lynnwood

Published 11:40 am Friday, February 6, 2009

EVERETT – The stock of Frontier Financial Corp. has surged about 50 percent this morning, regaining losses it suffered after a large financial loss in the fourth quarter.

As of 10:20 a.m., the stock was being traded at $1.80 per share. That’s up 59 cents or 49 percent. The increase comes after the parent company of Everett-based Frontier Bank on Jan. 29 reported an $89.5 million loss for the last quarter of 2008.

The stock of City Bank also has climbed to $2.18 per share this morning. That’s up 34 cents or 18.5 percent. The Lynnwood-based bank on Monday reported a $39.9 million loss for the fourth quarter mainly due to mounting losses in the sagging real estate market. The news pushed the bank’s stock down sharply.